Tue, 14 Sep 2010 | BUSINESS SALE
The company behind the Piccolino and Restaurant Bar & Grill chains looks set to attract bid approaches after announcing that it is to “consider all options” to include a sale or merger.
Manchester-based Individual Restaurant Company is preparing to expand beyond its current 33 outlets. The matter of constraints on funding of the plans needs to be addressed first, however.
The company last opened a new eatery over two years ago, and now aims to proceed with its expansion plans in 2011.
Chief executive Steven Walker is confident in the strong growth potential of the firm and its brands, despite reporting a decline in revenues from £25.1 million to £24.6 million for the six months ending July 4 for the group, attributed to consumers staying away during the World Cup in the summer and severe weather conditions earlier on this year.
For the same period, its losses increased from £838,000 to £2.7 million after writing about £1.3 million off the value of its Glasgow Bar and Grill business.
The firm is reportedly posting in-house trainers into all of its restaurants in order to strengthen its customer service.
It has been predicted that trading for the next six months will at least match that for the same period of 2009.
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