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Sun 25th Sep 2016 - Kout Food Group puts leasehold of Cha Cha Moon on market
Kout Food Group puts leasehold of Cha Cha Moon on market: Kout Food Group has put the leasehold of its Asian fusion noodle bar Cha Cha Moon in London on the market. The venue, which is located in Kingly Court, Soho, and was created by Wagamama founder Alan Yau, is being marketed by agent Christie & Co. The move ends Kout Food Group’s hopes of turning Cha Cha Moon into a national brand – it still turns over circa £2m a year at its one site, eight years after it opened. The premises, spread over the ground and first floors of a three-storey terrace, currently cater for 165 covers across communal tables and benches with an open kitchen to the rear. It has access to both Ganton Street and Kingly Court with external seating areas at both frontages and currently offers fast-casual Asian dishes for both eat in and takeaway. In its most recent financial results, turnover at Cha Cha Moon fell by 5% to £1,990,000 for the year to 31 December 2014. Operating losses increased by £90,000 to £587,000, mainly due to “market conditions”. Kout Food Group, which operates Little Chef as well as Burger King, KFC, Costa and Subway franchises, has decided to sell the lease to focus on other business interests. Simon Chaplin, head of restaurants at Christie & Co, said: “The Carnaby Street area has evolved into a destination retail and hospitality location which attracts some 44 million visitors a year. Kingly Court is a great draw in its own right having been developed by the landlords, Shaftesbury Estates, into a multi-level dining venue with many new and innovative operators located within it. This is possibly one of the most exciting restaurant sites that has come on to the market in recent years – opportunities for operators to acquire premises in London’s West End are extremely scarce. We therefore expect high interest and fierce competition from both independent and corporate operators both nationally and internationally.” Christie & Co is seeking offers in excess of £700,000 for the leasehold interest with all fixtures and fittings and an annual rent of £410,000. The first round of offers is sought by Tuesday, 25 October.

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