Break for the Border, the music venue and restaurant company, has taken operational control of its Dick’s Last Resort outlet after disappointing results.
The London-based restaurant, which opened in June this year as the first of a predicted series of openings across Europe, had been a joint venture. Break for the Border has acquired its trading partner’s shareholding at “nominal cost” and the initial trading losses will be borne by the partner.
The news came during the announcement of the group’s results for the six months to 30 September, which showed pre-tax profits up 10% to £285,000 on a turnover doubled at £7.04m.
During the results period, the group acquired a former cinema in Birmingham for £375,000, which it will open as a nightclub, restaurant and bar complex next year at a cost of £1.25m.
The group also bought London’s Brixton Academy in October.