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Morning Briefing for pub, restaurant and food wervice operators

Tue 23rd Jun 2015 - Update: Carluccio's results, GK completes Spirit deal
Carluccio’s reports Ebitda up 5.9% in most recent year: Carluccio’s, the restaurant group with operations in the UK, Ireland, US, Middle East and Turkey, has reported turnover increased by 8.8% to £128.3m (2013 53 weeks: £118.0m) for the 52 weeks to 28 September 2014 compared to 53 weeks to 29 September 2013. The group is ‘highly cash generative’ with Ebitda increasing 5.9% to £14.3m (2013: £13.5m) despite increased investment in new store pre-opening costs and higher property costs. A total of 11 UK and Ireland stores opened during the year and a further five additional stores opened under franchise in the Middle East and Turkey to take estate size to 101 restaurants at the year-end. Trading has continued positively into the new financial year with the opening of five UK stores by end May 2015 and a secure pipeline to deliver a further five openings before the year-end. The group’s first US store in Old Town Alexandria, Virginia opened on 3 June 2015. A second location has been secured in the Pike and Rose development in Bethesda, Maryland and is scheduled to open late 2015. A second store in Dublin, Ireland has been opened in March 2015 with a further two locations secured for opening in the next financial year and an additional three restaurants opened in Dubai. Chairman Simon Kossoff said: “Carluccio’s has performed strongly with good growth in turnover and Ebitda as well as achieving the milestone of over 100 stores worldwide. I look forward to reporting progress towards our key long-term objectives during this forthcoming year with further openings in the key markets of the UK, Ireland and US as well as in our franchised territories. I am also delighted that Neil Wickers joined the group in February (as managing director). Neil’s experience means he is ideally placed to guide Carluccio’s through this next crucial stage of growth.”

Greene King completes acquisition of Spirit: Greene King has completed its acquisition of Spirit Pub Company yesterday. Rooney Anand, chief executive of Greene King, said: “I am delighted to announce the completion of the acquisition of Spirit, bringing together two successful companies to create the UK’s leading managed pub company. Our focus now turns to building a combined business of our best brands, people, locations, and processes to ensure we succeed in the eating and drinking out markets for the long term. As we begin this exciting new phase in our history, Greene King will continue to focus on creating a great place to work for our people, delivering industry-leading value, service and quality to our customers and maximising value for our shareholders.”

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