3Sixty Restaurants posts pre-tax profit of £2.3m

02 December 2013 by
3Sixty Restaurants posts pre-tax profit of £2.3m

3Sixty Restaurants, parent company of brands Ego and Rocket, has posted a pre-tax profit of nearly £2.4m for the year ending 31 March 2013, despite generating an operating loss.

The operating loss stood at just under £300,000, but overall pre-tax profit reached nearly £2.4m due to the sale of Rocket in London's Mayfair.

Turnover for the group, which recently appointed Adrian Abbey to chief executive officer, has improved to £13.4m in 2013 compared with £12.6m in 2012.

Commenting on the latest results, co-director James Horler (pictured) told Caterer and Hotelkeeper: "I am pleased with the progress 3Sixty continues to make, with Ego being +14% for the year and Rocket +3%. With considerable resources on the balance sheet, we are in a pretty good place."

He said that the future of the group "probably" rests on an expansion of the Ego brand, which currently runs to eight restaurants across the Midlands and North West.

Reports earlier this year had suggested the group's sale could be imminent, but it was revealed just last month that the discussions had fallen through.

A statement from November suggested that talks had been terminated as this year's financial results "did not reflect current performance". Chairman Luke Johnson also said that "the business is in a good position from which to expand".

As well as its Ego brand, the group also has three Rocket sites in London and one in Nottingham.

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