Sales jump a fifth at Giraffe
25 June, 2012
Restaurant group Giraffe has grown its sales and ebitda by nearly a fifth over the last year, its new financial figures show.
Turnover at the group rose by 18% in the year to 25 March—from £34m to £40m. EBITDA climbed 17% to £4m.
It was a year of significant expansion for Giraffe, which opened four new sites in Bath and Chelmsford and the Meadowhall and Westfield Stratford centres. It also pushed into new formats with the opening of a new quick service Giraffe STOP at Kings Cross station and a new Bar and Grill concept in Leeds to join its one in Soho. It currently runs 47 restaurants in the UK. Four to six new sites are expected to be added this year, with bank facilities available for expansion. Giraffe has also signed a franchise deal to push into the UAE later this year.
Luke Johnson, Giraffe chairman and, with his Risk Capital Partners vehicle, a major backer for the chain, said: “This is another strong performance from the Giraffe business. The board are very pleased with the early performance of Giraffe STOP and the expansion of the brand in to travel hubs. Despite the continued growth in restaurants, there remain many well-populated towns, cities and leisure parks that Giraffe plan to serve over the coming years. We continue to enjoy a loyal following as a result of a great value menu and legendary customer service.”
Managing director Russel Joffe said: “We are excited about the opportunities that the deal with [franchise partner] ELR will present over the coming years… Our key focus this year is to recruit and retain the best industry talent to support and underpin our continued expansion, both nationally and internationally.”
Justin Maltz, director at 3i, another backer of Giraffe, said: “3i and RCP’s long term support for Russel and his team has seen the business transformed from a high potential London restaurant brand into a national—and now international—restaurant group. The last year’s performance has been exceptional and we are very excited about the opportunities for the business going forwards.”