Hart Group restaurants report return to profit after being hit by ‘exceptional expenses'
The Hart brothers' restaurant group has reported a return to profit in the 12 months to 31 July 2017, after being hit by "one off exceptional expenses" the previous year.
Hart Group Restaurants, which includes Quo Vadis in Soho, Barrafina sites in Covent Garden and Soho, as well as El Pastor in Borough Market, reported profits of £249,445 for the year.
The report, filed with Companies House, shows an increase in the company's fortunes from the previous year, which saw a loss of £963,609 put down to expenses related to the closure of Barrafina Firth Street in November 2016.
Group turnover for the period to 31 July 2017 increased by 3.79% to £10,288,332.
In separately filed accounts, the group's Barrafina restaurants reported an increase in pre-tax profits to £808,921 from £204,199 the previous year while Quo Vadis Soho reported a loss of £482,523 down from a loss of £808436 the year before.
The results follow an announcement from the group that it will open two restaurants and a wine bar at Coal Drops Yard in King's Cross, later this year.
In addition to a new Barrafina (the firm's fourth and biggest so far under the brand), Harts Group Restaurants will also open Casa Pastor as a larger sister restaurant to El Pastor, as well as a new wine bar called the Drop.
The business hopes to raise £750,000 on crowdfunding website CrowdCube to finance the project in exchange for a stake in the business.
Biggest Barrafina yet among three new restaurants planned by Harts Group>>
