Kornicis changes its name to We Are Bar: The London bar and restaurant operator previously known as Kornicis, owner of brands including Jamies, Smollensky’s and Henry J Beans, has changed its name to We Are Bar Group. Finance director Ian Banks said: “The change has been made to better reflect the evolving nature of the company, the significant investment being made in our new brand We Are Bar, including the launch of the first We Are Bar's site on Bishopsgate in the City of London, and the focus of future investments and growth.” The company is planning to redevelop at least three more of its existing sites as We Are Bar in 2017 whilst also starting to look for new sites in London and nearby commuter towns. Banks added: “We are at the beginning of an exciting growth story with We Are Bar. We have solid foundations with strong trade in excellent locations and have added a fresh and aspirational, contemporary bar brand to our armoury. We are looking forward to a transformational 2017.”

Rick Stein reports turnover and profit boost: Celebrity chef Rick Stein has reported a turnover and profit boost as his business continues to add new restaurants to its portfolio, including a first venture in London. According to accounts for The Seafood Restaurant (Padstow), turnover grew to £16m in the year to 27 December 2015, up from £15.3m the year before. Pre-tax profit also increased to £1.18m, compared with £1.05m the previous year. Writing in the annual report for The Seafood Restaurant (Padstow), signed off by finance director Neil McLeod, the business put its growth down to “the benefits from a central warehouse and better cost reporting”. Capital expenditure of £880,000 was recorded, an increase on the 2014 figure of £639,000. This included an extension at the Cornish Arms, an extension at St Petrocs Bistro, refurbishment of the group’s hotel rooms, and IT projects. Towards the end of 2015, the company opened its largest restaurant so far at 200 seats, located in Sandbanks, Dorset. A new revolving credit loan facility of £4m was agreed in February 2015, which will support the future growth of the business. The report accompanying the accounts said: “The directors consider this to be a satisfactory performance given the competitive conditions facing the hospitality sector and with continued pressure on discretionary spend. The group continues to actively seek future business investment opportunities that will increase its operating cash flows.” Stein’s empire, which he owns with ex-wife Jill, operates a number of venues across the south west, including The Seafood Restaurant in Padstow, which was set up in 1975. It is also behind St Petroc’s Bistro, Rick Stein’s Café and Stein’s Fish & Chips, as well as a cookery school, a deli, patisserie, gift shop and fishmongers. The company has just opened its latest restaurant in the grade II-listed Lloran House in Marlborough High Street, having secured planning permission earlier this year. It also launched a new seafood bar in Padstow in May. Last week, Stein acquired Tideway Restaurants, trading as The Depot in Barnes, for his first site in London. It will continue to employ the full 40-strong team and will operate the restaurant in its current form until the end of the December before undertaking a refurbishment in the new year.