Profits up 3% at Conran

Conran Restaurants increased like-for-like pre-tax profits by 3% in the financial year to 31 March, an increase which the company said was satisfactory at a time when business was "highly competitive".

Turnover at the private company was up by 19% at £65m, but this figure included around £10m from the Great Eastern hotel which opened last year. Like-for-like company turnover was stable.

The turnover figures given by the company excluded its other new venture, the New York restaurant Guastavino's, which had first-year turnover of $15m (£10.37m).

Conran Holdings chief executive Des Gunewardena said he was "reasonably happy" with the figures because "we are more than holding our own compared with our competitors such as Oliver Peyton and MPW".

Behind the overall stability of the turnover, Conran's London restaurants had mixed fortunes. Mezzo did particularly well, with profits up 50% on a steady turnover of £8m following more emphasis on the bar business upstairs.

But both Gunewardena and Conran restaurants managing director David Loewi admitted that other West End restaurants had felt a decline in business.

Quaglino's saw profits slip and was not as busy as it had been in previous years, but it was still making money, they said.

The company plans to revamp Bluebird and open a 100-seat restaurant in Islington, north London.