D&D London defies credit crunch with increase in turnover and profits

23 June 2008 by
D&D London defies credit crunch with increase in turnover and profits

Restaurant group D&D London has defied the effects of the credit crunch and reported strong financial results for the year to 31 March.

The former Conran Restaurants group, which owns 29 eateries including London's Bluebird and Skylon, saw an increase in annual turnover of 18% to £71.7m.

Operating profit at the restaurant group increased 10% to £4.6m.

D&D London, headed by Des Gunewardena and David Loewi, said its recently relaunched Launceston Place in Kensington had performed particularly well having "doubled its revenues", since former Pétrus head chef Tristan Welch took over the kitchen in March this year.

The company added it will continue to explore opportunities to expand, with a number of new ventures under "active consideration" both in the UK and overseas.

Chairman and chief executive officer Gunewardena said that in the context of a more difficult economy in the second half of the year, the results were particularly pleasing.

"There is no doubt the climate will get tougher before it gets easier but our restaurants are in excellent shape and our long-term plans for growing the business, particularly overseas, remain unchanged," said Gunewardena.

D&D London's results come as buyers line up to buy Sir Terence Conran's 51% stake in the business, which reportedly could fetch more than £100m.

Potential buyers who have registered interest include sovereign wealth funds, private equity firms and wealthy overseas individuals.

D&D London makes redundancies >>

D&D London issues first full-year figures >>

Launceston Place - Menuwatch >>

Tristan Welsh ‘fizzes' up the menu at Launceston Place >>

By Kerstin Kühn

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