San Carlo plans four new sites after turnover hits £45m
The San Carlo Group is planning new sites in London, Liverpool, Leeds and Birmingham having reported a 16.8% increase in turnover to £45m.
The group, which operates 16 UK restaurants under the San Carlo, Cicchetti and Fumo brands, along with sites in Qatar and Bangkok, saw pre-tax profit rise to £2.6m for the year to 30 September 2015.
Having spent almost £1m on the development of restaurants in the period with the opening of San Carlo Cicchetti Covent Garden in London and San Carlo Fumo in Manchester, it now plans further investment with sites being sought in the UK, while more franchise openings of Cicchetti are also planned in the Middle East and Asia.
San Carlo Group managing director Marcello Distefano said: "San Carlo restaurants has performed well in an increasingly competitive market. Cicchetti and Fumo brands have shown consistent growth and provide the focus of growth over the coming years.
"New sites are planned for London with others being sought for Liverpool, Leeds and Birmingham. A new focus on franchising in our international operations will see more openings of Cicchetti in the Middle East and Asia."
Though he did warn that the "general economic climate which affects the disposable income available to its potential customers is a key risk to the business". The results also contained concern over rising produce costs.
"The directors also perceive the inflationary increase in raw materials and an increasing cost base as key risks facing the group," Distefano said. "To mitigate these risks, the directors continue to monitor costs and seek to reduce raw material costs, whilst looking to continue to source high-quality, premium ingredients that are used in preparing the dishes for which its restaurants have become renowned."
