Loch Fyne Restaurants, one of the UK’s fastest growing restaurant groups, has announced promising end of year financial figures with like for like sales up 15% year on year.
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In a difficult year for the restaurant and leisure sector generally, Loch Fyne Restaurants has continued to perform well, recording a turnover of £9.1m (US$), a 182% increase on 2000. The company has also seen unit operating profits of £1.2m, almost three times the projected figure.
During 2001, Loch Fyne Restaurants grew from 6 to 16 units and now has restaurants in many of the UK’s most prosperous towns and cities including Oxford, Bath and Brighton outside London and Fulham and Crouch End in the capital. Six more restaurants are scheduled to open in 2002, including one in Covent Garden, this will put the company ahead of plan with 22 units by the end of the year.
MD Mark Derry said: “We continue to be cautiously optimistic. Sales per restaurant are an impressive £20k (gross of VAT) per week and this figure is being achieved very quickly by our new venues, which are generally contributing from month one. Our offering of quality, fresh seafood served in relaxed and friendly surroundings has hit the right note and we expect to serve more than a million customers this year.”
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By GlobalData
