Taste for more bites as Chez Gerard advances
Tuesday 21 March 1995
Groupe Chez Gerard, the restaurant group, is looking closely at eight possible acquisitions in London. The company currently has seven outlets - three Chez Gerard restaurants plus four others
"When we floated last year we said we were going to double in Central London in three years. We are a little behind, but we have a hit-list of sites," said Neville Abraham, chairman and chief executive, yesterday after announcing a 32 per cent rise in half-year profits to £1.07m.
Besides the profits increase, achieved through higher volume sales and price increases, the company has continued to build-up cash in the bank. At the end of the half year, 25 December, the pile topped £4m which, the company believes, is adequate to finance expansion.
"We are generating cash at the rate of more than £1m a year," said Mr Abraham, who doubts the group would become heavily borrowed if it expanded rapidly. "There is plenty more room to grow the existing business. We're very bullish."
Turnover in the half year rose from £5.04m to £6.5m, of which 70 per cent relates to food and the rest to drinks. Customer volume increased by 10 per cent, and prices were raised by 3 to 3.5 per cent.
The average spend per head at the company's cheaper outlets is about £15, rising to £40 at Scotts, the group's most up-market outlet.
Mr Abraham believes that consumers will continue to exert pressure on prices by demanding value for money.
The 500 shareholders will receive a 0.75p interim dividend per share. There is a "marketing" bonus of two £25 restaurant vouchers for every holder of more than 1,000 shares.
The shares, which were floated at 112.5p a year ago, remained unchanged at 108p yesterday.
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 Friends 20th anniversary: The highs and lows of the cast's careers since 2004
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...