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Mon 17th Jan 2022 - Poké House eyes IPO as it plans 65 UK openings over next two years, expands to US
Poké House eyes IPO as it plans 65 UK openings over next two years, expands to US: Poké House, Europe’s largest poké restaurant chain that acquired the six-strong, London-based Ahi Poké business last year, is eyeing an initial public offering (IPO) as it expands into the US. The business has closed an investment deal with Sweetfin, America’s most iconic poké restaurant brand. Poké House now has 75 sites across the UK, Italy, France Spain and Portugal. The partnership with Sweetfin will bring the group’s location total to 90, with a further 80 planned openings in 2022 across the UK, Europe and the United States. Poké House plans to open 65 sites across the UK in the next two years. The aggressive expansion comes as Poké House looks to IPO in the future. The Italian food tech company, which launched at the end of 2018 from an idea of two young entrepreneurs, Matteo Pichi and Vittoria Zanetti, closed 2021 with almost €40m (£33m) in annual revenues and is now projecting more than €100m (£83m) in 2022, more than 100% year-on-year growth. Pichi said: “Poké House’s success is based on a hybrid model, halfway between retail and digital. Our technological component plays a fundamental role in our online services, helping to optimise the customer experience that allows us to pursue a data-driven approach, that can quickly intercept consumption trends and adapt offers not only to an individual city, but even an individual store. We’re entering the American market through the main door, and in partnership with an iconic brand. We’re excited to see the business grow globally over the next few years and are hoping to move forward with an IPO in both New York and London.” Poké House will support the development of Sweetfin in the United States – 40 new openings are planned in the next few years on the west coast, where Sweetfin is already present with 14 locations in Los Angeles, San Diego and Orange County, as well as Texas and Arizona. Home delivery will also play an integral role in the global expansion plan. 

Latest edition of Propel Turnover & Profits Blue Book now available to Premium subscribers: The latest edition of the Propel Turnover & Profits Blue Book, which is produced in association with Mapal Group, is now available to Premium subscribers. A further 48 companies have been added, taking the number of UK pub, restaurant, cafe and hotel operators featured to 507. It also features group editor Mark Wingett’s next quarterly pick of the companies well-placed to grow in the post-pandemic era. His latest pick of companies are Brakspear, Simmons Bars, Hub Box, Park Holidays, Vaulkhard Leisure, Hostmore, QFM Group, Caprice Holdings and Ivy Collection. The picks are also accompanied by a 2,100-word report. The Blue Book, which is updated monthly, shows the full damage done to the sector by the pandemic, with 321 companies making a combined loss of £8.17bn compared with 186 companies in profit – making a combined £797m. Losses now outstrip profits in the sector ten times over. Total turnover of the companies stands at £28.5bn. The Blue Book provides a five-year overview of turnover and profit, ranking companies according to turnover, pre-tax profit and profit conversion. It also provides details of directors’ earnings and highest paid directors. Premium subscribers also receive two other databases – the New Openings Database, produced in association with StarStock, and the Multi-Site Operators Database, produced in association with Virgate, which are also updated each month. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription. Subscribers also receive access to Propel’s library of lockdown videos and Friday Wrap interviews and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out, regular video content and regular exclusive columns from Mark Wingett.

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