Steakout plans Middle East expansion
Steak house chain Steakout has added the Middle East to its expansion plans. The firm is currently trying to attract crowdfunding to facilitate ambitious growth projections.
Founder Kaysor Ali said he had "signed a master franchise agreement with an investor" with plans to open six outlets in the Middle East by the end of 2017. "We are expecting this deal to increase our turnover by 20% and our profit by 50%," he said.
The firm estimated revenue for the year to March 2016 at £1.2m, which he said was set to triple by the end of 2017 with the acquisition of the Middle East contract.
With eight existing stores, the operator plans to open four more outlets in the UK this year. It aims to have a total of 26 restaurants by 2020.
"We will be investing in our operations, adding franchise and operational specialists to the team and upgrading our meat cutting facility to support the planned store rollout and grow the franchise capability. We will also be opening an exciting flagship restaurant in Stratford," said Ali.
With 10 days left of its Crowdcube campaign, Steakout has raised £128,720. Its target is £400,000 in return for 11.76% equity.
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