Richoux Group set to hit 25 sites
The Richoux Group has announced plans for a further four sites as it revealed that pre-tax profit for 2015 was down at £370,000.
The group, which currently operates 21 Richoux, Dean's Diner and Villagio restaurants, saw turnover increase 2.7% to £13.03m in the 52 weeks to December 2015.
Adjusted EBITDA stood at £1.64m, marginally up the £1.63m made in 2014.
One Richoux site was opened in 2015, in Gloucester Arcade in London, while it opened a Dean's diner at Hempstead Valley in 2015 and Orpington in February 2016, taking the American diner concept to eight sites.
A new Dean's Diner is set to open in May in Yate, while a lease has been exchanged for a new Dean's Diner in Bromley, which is due to open in 2017.
Director Salvatore Diliberto warned that a deterioration in consumer confidence could dent the group's future of sales and footfall.
He said: "This risk is mitigated by the positioning the group's brands in the affordable casual dining market, constantly reviewing pricing to ensure it is competitive, and continued focus on customers with targeted and adaptable marketing. There is also uncertainty surrounding the forthcoming EU referendum in June 2016."
Chairman Philip Shotter said: "This solid set of results, which show a marginal increase in EBITDA, reflect the on-going development of the group. Three restaurants opened during the period with an additional restaurant already open now this year; two further sites to open during the coming year, and another site secured for 2017, with all of these restaurants being funded from the group's cash flow and significant cash reserves."
Richoux Group eyes up to four openings in 2014 >>
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