The owners of London’s trendy Kartouche restaurant are planning to float on the alternative investment market, with a view to financing more restaurant openings in the capital.
David Phelps and Piers Adam, who are also the entrepreneurs behind one of London’s most talked-about nightspots, the Hanover Grand nightclub, will open their second restaurant, Kassoulet, in Notting Hill at the end of this month.
Over the next few years, Mr Phelps and Mr Adam intend to open five or six more restaurants in London.
If all preparations for the listing go according to plan, it will take place this spring using the name Kartouche Group.
Mr Phelps and Mr Adam are currently looking at sites in Richmond, Hampsteadand Clapham, with the in-tention of opening another restaurant in September and possibly one more by the end of the year.
Each restaurant will be a one-off, Mr Phelps claimed. “We will identify an area and develop what we think is lacking there,” he said. “But we won’t do more than five or six restaurants because we don’t want to lose control over the quality of the food we offer.”
The Kassoulet venture has taken more than a year to bring to completion, with a sum of £450,000 being spent on building work and refurbishment of the old Duke of Cornwall pub.
The restaurant has 80 seats and a basement members’ bar. It will serve a daily-changing menu of modern French food together with some old favourites.
Average spend per head is expected to be about £20 including wine.
Head chef at the restaurant will be Mickael Weiss, who was formerly sous chef at the Kartouche and before that sous chef at the Inter-Continental London Hotel.