London-based restaurant group M Restaurants is to put on hold plans to open a third large venue, slated for Soho, in favour of launching a "diffusion" brand called M Social next year.
The business, founded by former Gaucho managing director Martin Williams, already has restaurants in Threadneedle Street and Victoria Street, both of which are over 200 covers.
Williams has now postponed plans for a third restaurant of a similar size in Soho, citing the "altered landscape" created by Brexit.
Instead, he plans a new micro-version of the M restaurant concept, with a scaled down size and price point.
Williams aims to open between two and four M Social venues during the course of 2017. Each site will be expected to offer around 100 covers and areas being explored include Notting Hill, Angel, Clapham, Richmond and Twickenham.
They will be followed by the launch of a third large M venue in an "iconic building" in Canary Wharf.
Williams said: "M Social will take the core elements of M - incredible steaks, healthy raw cuisine, innovative cocktails, Enomatic wine systems and exemplary service - that have made our two venues so successful, and apply them to more intimate outer London locations. Here they will offer a genuine ‘Home from Home' for residents and local workers alike.
"Prior to the referendum I was already of the view that weekend dining outside the centre of London was a market I was keen to capitalise on. I am now convinced that in the current environment, M Social is the perfect vehicle to grow the M brand."
Earlier this month, M Restaurants won the Best Use of Technology award at the Cateys 2016 for its innovative booking technology which allows diners not only to choose their table at the point of booking but also to see the table and their potential view.