M Restaurants, which last week launched its third venue and its first in a smaller and more casual guise, aims for three more openings over the next 18 months.
M Bar & Grill Twickenham launched in a 3,145 sq ft ground-floor unit in Brewery Wharf, a new luxury residential development close to the river Thames and Twickenham stadium, following a successful £1.8m crowdfunding campaign.
Founded by former Gaucho managing director Martin Williams, the company already has larger restaurants in Threadneedle Street and Victoria Street in the capital.
Group executive chef Michael Reid (pictured), speaking to The Caterer in the week that the latest outpost was launched, said that the company hoped to find three more sites for its smaller Bar & Grill format over the coming 18 months.
"We're looking in and around the commuter belt but where that is, we're not sure. It very much depends on sites. No one expected us to open in Twickenham or picked it as an area, but it was great site in a great location. We're hoping that this site takes off and I'm pretty confident, touch wood, that it will. And then we'll roll out a few more."
None of the sites will be replicas, with all taking on a different look, style and food offer, Reid said.
The chef, who this year appeared on Great British Menu, as well as Celebrity MasterChef, also plans to make more TV appearances in the future.
The news came as the company reported like-for-like growth of 9.3% in the nine months to August this year.
Williams said that despite increased competition from the Ned, Coya and Temper in the past six months, M Threadneedle Street had seen sales growth of 7.6% in the face of a "generally flat trading period for most city restaurants". Sales at M Victoria are also up 11.5%.
"As the Nova building reaches completion, we expect even healthier sales performance," said Williams. Profits have also increased with an EBITDA increase of £198,000.
"Operations director Andre Mannini and group executive chef Michael Reid are wonderfully obsessive about the delivery of our offering- and it shows in the results. Our private members' MDEN lounges are almost at capacity and we will need to look at closing the membership in the coming months. MDENs have helped create a fantastic community of guests who share in our beliefs and our passion for great wine, food and service."
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