Yankee purchase boosts Pelican: Interim profits triple to pounds 960,000 at Cafe Rouge chain

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The Independent Online
PROFITS at Pelican, the restaurant operator that owns the Cafe Rouge chain, have nearly tripled.

Pre-tax profits for the six months to 30 September were pounds 960,000, up from pounds 357,000. However, Pelican was helped by the pounds 6m acquisition of Yankee Noodle Restaurants in May and the opening of three more Cafe Rouges.

There are 16 Cafe Rouges in London. Keren Jones, managing director, said the number could increase to 40 but that she was wary of expanding geographically because she feared losing management control.

Yankee Noodle brought the Italian-style Mamma Amalfi restaurants and US hamburger bar The Rock Island Diner under the Pelican umbrella. It was acquired from Robert Earl, the Planet Hollywood impresario, who joined the Pelican board and took an 11 per cent stake.

Mr Earl has since become a full-time executive responsible for Pelican's US interests, primarily Cafe Tu Tu Tango, bought in November.

Earnings per share rose to 1.95p from 1.89p. There is no interim dividend but the company said it would, like last year, make a year-end payment. Roger Myers, chairman, said Pelican may introduce an interim payment next year.

Mr Myers relinquished the responsibilities of finance director as Lewis Ross joined the board.

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