Piccolino owner plans new site openings

12 August 2008 by
Piccolino owner plans new site openings

Individual Restaurant Company (IRC), owner of brands Piccolino and Restaurant, Bar and Grill, plans to open at least seven new sites next year after securing £18.5m backing from Lloyds TSB.

The company, which currently operates 30 sites across the UK, already has seven new sites slated for 2008 - six Piccolinos (already launched in Birmingham and York and then Aberdeen, Bristol, Hale and Clitheroe), and a new Restaurant, Bar and Grill in Harrogate.

Its aggressive expansion plans will continue next year after it secured a "revolving credit facility" from Lloyds TSB Corporate Markets. This will enable IRC to borrow up to a pre-specified amount and, as repayments of outstanding balances are made, the loan facility is replenished.

Vernon Lord, finance director at IRC, which this week revealed a 21% jump in sales for the first six months of the year, said "We have a really strong pipeline, with dozens of opportunities across the UK.

"But we are not rolling out chain restaurants," he added. "We are expanding in strategic sites, creating individual restaurants that are raising the bar in terms of standards and quality. "

Piccolino owner confident despite fears over eating out market >>

Experts predict strong growth for restaurant market >>

IRC scraps Zinc expansion plans >>

By Daniel Thomas

E-mail your comments to Daniel Thomas here.

The Caterer Blog](http://www.caterersearch.com/blogs/catering-news-blog/) Catch up with more news and gossip on the Caterer Blog here
[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking