Individual Restaurant Company, formerly Bank Restaurant Group, has scrapped plans to expand its Zinc restaurant chain and will instead focus on its Piccolino brand.
- It will also convert its flagship Zinc in London's Heddon Street to a Piccolino's by May's end, as it looks to add six, mainly Piccolino, restaurants a year. The company is also considering the sale of its loss-making Birmingham Zinc.
- In the full year to 31 October, Bank and Zinc restaurants boosted turnover 57% to £13.63m (2005: £8.67m).
- However, due to exceptional costs totalling £2.9m arising from ditching the Zinc roll-out, the businesses made a combined loss of £3.52m (2005: £150,000 loss).
- IRC also terminated a restaurant services agreement with Conran, which cost £270,000 in 2006.
- The company recently rebranded Zinc Manchester as The Restaurant Bar and Grill and introduced the Grill menu at Glasgow Zinc, also.
- Bank took over the Individual Restaurant Company (IRC) in December in a reverse takeover-deal that saw IRC's management team gain control, before subsequently renaming as IRC.
By Chris Druce
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