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ONE Group to expand UK restaurant presence

22 October 2013
ONE Group to expand UK restaurant presence

The ONE Group, owner of international restaurant group STK, has raised $15.5m (£9.6m) to fund restaurant growth, as it became a publicly listed company in the US.

The business plans to expand the STK brand within large metropolitan cities across the UK.

STK started life with just one restaurant in New York in 2006 and has spread across the USA, with sites in Miami, New York, Las Vegas, Los Angeles, and Atlanta.

Its first international outpost, STK London, launched on the Strand in the UK in December 2012. STK London aims to offer a modern twist on the traditional steakhouse, doubling as a nightlife destination.

The arrival of STK followed the launch of Heliot restaurant, lounge and bar at the Hippodrome Casino, which opened in July 2012, and Cucina Asellina, a UK outlet for New York Italian restaurant Asellina.

The ONE Group's management team, led by founder and chief executive Jonathan Segal, will lead the company, and the company will change its name to the ONE Group, Inc.

"We have grown The ONE Group by creating a high-energy dining experience through a blend of the modern steakhouse and chic lounge concepts that attracts a broad demographic and encourages social interaction," said Segal. "Following the success of STK in London, we look forwards to expanding the brand across other cities in the UK and Europe."

Michael Rapp, chairman and president of Committed Capital, which merged with the One Group, as it became a publicly traded company added: "Jonathan and his talented team have built a truly exceptional, category leading hospitality brand from one restaurant in 2006 to a global company that will generate an estimated $125 million in system-wide revenue this year. We believe The ONE Group's strong unit economics, high-growth prospects and capital-light model will uniquely position the company in the capital markets and provide our investors with attractive long-term returns."

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