Grand Union records giant profit leap

Grand Union has reported a 60% leap in pre-tax profits to £941,000 for the year ending 31 March. The London bar and restaurant chain, which operates 12 sites across the capital, also saw revenues increase by 23% to £9.1 million.

Describing himself as “thrilled” by the results, managing director Adam Marshall added: “They really endorse our approach and underline the core values of the company – good food and wine at a fair price, served by friendly staff in a relaxed environment.”

Founded in Camden in 2006, the group has since expanded to open in Twickenham, Kentish Town, Kennington, Brixton, Ravenscourt Park, Camberwell Grove and Wandsworth. Earlier this year it added a venue in Farringdon, before the latest site launched earlier this month at Paddington Basin.

In 2008 Grand Union took its first steps outside London, buying The Three Locks pub in Stoke Hammond, Buckinghamshire.

Co-owners Marshall and Adam Saword now plan to open a further five “restaurant-concept pubs” in the home counties over the next four years, as well as a further 12 bar & grill venues in Greater London by 2012.

The success of Grand Union – its annual turnover currently stands at £12m – has sparked interest among private equity firms, with offers estimated to stand between £10m and £15m.

Click here for a full profile on the Grand Union group from the March 2011 issue of the drinks business.

Gabriel Savage, 31.05.2011