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Morning Briefing for pub, restaurant and food wervice operators

Sat 2nd Dec 2023 - JKS Restaurants raises new funding to aid expansion plans
JKS Restaurants raises new funding to aid expansion plans: JKS Restaurants has completed a fundraising round from an investor consortium comprising high net worth individuals and family offices from the UK, US, Middle East and Asia, as it plans further expansion in the UK and internationally. Jyotin Sethi, co-founder and chief executive of JKS, led the fundraising process, which is thought to have raised circa £20m, with support from Tamweel Capital. The funds will be used to finance the expansion of JKS in the UK and internationally, and buyout a previous shareholder. JKS’ Indian brand, Gymkhana, opened in Riyadh in June, and their Iranian brand, Berenjak, opened in Dubai in November. It also operates a Hoppers site in Doha, Qatar. JKS said it is also actively exploring further opportunities in the Middle East, as well as New York, Los Angeles and Las Vegas. JKS recently launched Gymkhana Fine Foods, and completed a $3m seed funding round with CAVU Consumer Partners. This investment will help fund growth of the retail brand in the UK and international markets. In October 2023, JKS published accounts for the year to 1 January 2023, showing turnover grew to £50m from £27.8m in the previous 12 months, with a development plan to grow turnover to £100m in the next three to five years. JKS told Propel in October that it had seen a strong performance across its estate in the year to date, “exceeding internal projections”. The company said it expected to open three or four restaurants in 2024. It also revealed at the time that it was in “ongoing discussions with third parties regarding potential debt and equity investment”. The business posted total turnover of £50,081,052 in the year to 1 January 2023 (2021: £27,834,900), with adjusted Ebitda of £5,537,367 (2021: £1,066,884). The company opened Berenjak Borough and Speedboat Bar in the period as well as its first licensed locations in the Middle East. In 2023, JKS has opened Bao locations in Marylebone and Battersea and also launched Gymkhana Fine Foods. The company, which also curates the food and beverage offer in the Arcade Food Hall sites, is planning to open a new venture in Mayfair, on the former Momo restaurant site in Heddon Street. It recently launched a new cocktail bar called 42 at its Gymkhana site in London’s Mayfair. JKS was founded by the Sethi family in November 2008 and currently operates 20 restaurants and 2 pubs in the UK. The Michelin Guide has recognised several restaurants in the group – Kitchen Table has 2 Michelin Stars; Trishna, Gymkhana, Sabor and Lyle’s each have 1 Michelin star; Hoppers Soho, BAO Soho, Berenjak Soho and Plaza Khao Gaeng hold Bib Gourmands. JKS features in the Propel Turnover & Profits Blue Book. Its turnover of £50,081,052 is the 167th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email to upgrade your subscription.

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