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Sat 25th Feb 2017 - Caffe Nero reports turnover and profit growth
Caffe Nero reports turnover and profit growth: Caffe Nero has reported turnover and profit growth in the year to 31 March 2016. The company stated: “The opening of new stores and like-for-like sales growth of 2.2% facilitate revenue growth of 6.7% to £257.6m (2015: £241.3m). Gross profit in turn increased by 6.7% to £62.1m (2015: £58.2m), store margin was consistent at 24.1% (2015: 24.1%), adjusted Ebitda increased by 3.5% to £42.5m (2015: £41.1m) and Ebitda margin has remained broadly constant at 16.5% (2015: 17%). Operating profit increased to £25.5m (2015: £23.6m) with operating profit margin slightly increased to 9.9% (2015: 9.8%). In the current year we opened 34 stores and three stores were handed back to the landlord resulting in net increase of 31 stores or 5.4% of the overall estate. At year end, we had 613 stores operating in 247 UK and Irish towns and cities. The directors believe there’s potential in the UK market for at least 750 stores.” Profit before tax was £25.5m (2015: £23.6m).

YO! Sushi to open flagship New York site next month with exclusive menu items: YO! Sushi will open its flagship New York site on Thursday 16 March. The New York outpost, set to open in the Flatiron district at 23 West 23rd St.) will offer several options from the chain’s executive chef Mike Lewis that are exclusive to the location, including sushi grilled with a blowtorch, a fried chicken sandwich with a fruity sauce, a “super-sized” shaved ice dessert, and a yuzu broth-based ramen. The company opened a location in Boston last autumn and it now has six other locations in the country, including in Tampa and Paramus, New Jersey.

City Pub Company opens fifth and acquires sixth site in Cambridge: Independent pub operator City Pub Company has opened its fifth site in Cambridge and acquired its sixth. The Petersfield has opened in Sturton Street at a site formerly occupied by Backstreet Bistro, which closed after the owners retired in May 2016. Following a £500,000 investment, the site has been turned into a 40-cover restaurant and 110-seat gastro-pub. City Pub Company chief executive Rupert Clark told the Cambridge News: “Our aim with the Petersfield was to create a relaxed neighbourhood pub that would bring together the residents of the surrounding area. The staff have done a great job creating an environment that is perfect for get-togethers. Families will love going for a cheeky bite to eat, while the bar is perfect for friends who need a relaxing pint at the end of a stressful week. It’s early days, but we believe the goal of creating a perfect location to bring the community together has been achieved”. Meanwhile, the company has acquired Cambridge pub The Waterman in Chesterton Road, which closed without warning two weeks ago. It is thought the company may have also acquired a vacant unit next door. Last month, chairman Clive Watson told Propel the company, which has just acquired its 30th pub, had identified three further sites as it looks to build a 35-strong estate ahead of its planned AIM float later this year. City Pub Company’s other Cambridge sites are The Punt Yard, The Mill, The Old Bicycle Shop and Cambridge Brew House.

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