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Bank banking on restaurant expansion and acquisitions

24 February 2006
Bank banking on restaurant expansion and acquisitions

Bank Restaurant Group is pinning its future hopes on growth through expansion and trade acquisitions.

The company, which has three Bank branded restaurants in London's Westminster, Aldwych and in Birmingham, bought Zinc restaurants from Conran last November and is keen to add more.

Chairman Robert Breare said in his first report as chairman that, following plans to refresh Zinc, the company would look at expanding the five-strong chain.

Although turnover in year ended 31 October 2005 climbed £69,000 year-on-year to £8.67m, pre-tax profit fell from £557,000 in 2004 to £522,000.

Bank made a loss of £149,000 during the year compared with a loss of £181,000 a year earlier.

Breare said: "The Board believe that by pursuing a growth strategy which is intended to combine both acquisitions and expansion of the businesses being acquired, shareholder value can be greatly enhanced over time."

He said the acquisition of Zinc was a small but significant first step in this strategy and the board was looking at finding its next trade buy.

By Chris Druce

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