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D&D London hits record turnover in 10th anniversary year

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D&D London hits record turnover in 10th anniversary year
Written by:

Restaurant operator D&D London has hit its highest-ever levels of turnover and profit, in its 10th anniversary year this year.

The company announced a 3% rise in turnover to £107.8m for the year ending 31 March 2016, up from £104.9m the previous year, making the business two and a half times bigger than it was when founders Des Gunewardena and David Loewi led a buyout of Conran Restaurants in 2006.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 16% to £13m.

Overall like-for-like sales were up by 3% in the period.

D&D London attributed the growth at least in part to a series refurbishments it has undertaken in some of its 33 restaurants.

Last year, Le Pont de La Tour in Shad Thames, London; Sartoria in Mayfair, London; Alcazar, Saint Germain, Paris; and 100 Wardour Street in Soho, London, all underwent refurbishments and relaunched between September 2015 and January 2016.

The German Gymnasium in King’s Cross, London, which launched in November 2015, also helped to boost revenues.

D&D’s strongest performers were Paternoster Chophouse, near St Paul’s Cathedral, London which was up by 28%, Quaglinos  in St James’s, London which saw a 22% increase, and Madison, St Paul’s which reported a 18% rise.

Gunewardena, chairman and CEO of D&D London said: “The second half of our last financial year was certainly not a bed of roses. But our restaurants’ revenues held up well and we managed to post another year of solid sales growth and record profits. And in the current financial year, despite a disappointing early summer and uncertain period around the date of the EU Referendum, our revenues have continued to increase. Much of this growth is coming from new ventures such as the German Gymnasium and from our recently refurbished restaurants.

“This month sees Bluebird being given a new look and in early 2017 we will open restaurants, cafes and bars at Land Securities’ Nova development in Victoria. Later in 2017 we will open new restaurants in Leeds and Manchester.

“Despite the uncertainties surrounding the UK’s relationship with the EU, we remain confident in and will continue to invest in new ventures in the UK as well as in projects overseas”

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