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Thu 17th Jul 2014 - Breaking News - Gourmet Burger Kitchen reports strong year
Gourmet Burger Kitchen reports strong year: Gourmet Burger Kitchen, the better burger brand owned by Nando’s Group Holdings, has reported a strong year with turnover rising 24% to £50.5m in the year to 23 February 2014 compared to the previous period which covered 11 months. The company saw a 63% increase in profit before restaurant opening costs, cost of fundamental reorganization and interest for the period, achieving £1,884,000 (2013: £1,156,000). Profit before interest was £1,238,000 compared to £160,000 the year before. An increased interest payment of £1,356,000 saw a £118,000 loss – interest was £857,000 the year before resulting in a £687,000 loss. The company opened three new sites to bring estate size to 60 restaurants – it opened five sites in the comparable 11-month period. Administrative expenses for the year included a loss on impairment on the tangible fixed assets of two restaurants amounting to £1.3m (2013: £500,000). Administrative expenses for the year increased 23% to £18.6m (2013: £15m) reflecting the larger impairment charge, the longer accounting period and the increased number of restaurants in the estate. Restaurant opening costs for the year decreased 32% to £600,0000 (2013: £900,000) large due to the higher number of openings in the 11 months ended 24 February 2013. Net cash flow from operating activities increased 64% to £8.5m (2013; £5.2m) driven by the increased profitability of the company. After interest, tax and capex, net debt increased by £800,000 to £18.8m (2013: £18m).

Young’s to open £7m boutique hotel in Richmond: London pub and hotel operator Young’s is set to open The Orange Tree hotel and pub in Richmond-upon-Thames this September. Following an investment of £7 million, the property has undergone an extensive refurbishment throughout and has added 13 brand-new boutique bedrooms. Working closely with Fusion by Design, The Orange Tree’s décor is influenced by the local green spaces of Richmond Park and Kew Gardens with botanical details and the pub’s strong links with rugby, owing to its close proximity to Twickenham Stadium, are reflected throughout the interior. The hotel’s 13 design-led boutique bedrooms include three feature rooms and a family suite with its own dressing area. The drinks offer includes Young’s cask ales, London craft beers, an extensive wine list and a unique ‘Shrubs’ vinegar cocktails menu. Andy Nash, Operations Director of Young’s Hotels, said: “We’re excited about expanding our collection of boutique hotels and the considerable investment we’ve put into The Orange Tree demonstrates our commitment to our hotel estate. We are confident that The Orange Tree will deliver the wow factor, and will appeal to both locals and visitors.” The Orange Tree is part of Young’s boutique collection of hotels that also includes the Dog & Fox in Wimbledon, The Windmill, Clapham and The Alma in Wandsworth.

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