Giraffe Restaurants announces record year in 2011/12
Giraffe, the fast-growing national restaurant group, run by Russel Joffe and backed by 3i and Risk Capital Partners, today announces record annual profits and exciting plans for further expansion.
- Turnover increased 18% from £34m to £40m (52 weeks to 25th March 2012)
- Operations strongly cash generative
- EBITDA increases 17% to £4m
- Opening of four further Giraffe Sites in Bath and Chelmsford, and in the Meadowhall and Stratford Westfield Shopping Malls
- Opening of giraffe STOP, our new QSR brand in the new concourse at Kings Cross Station; first twelve weeks trade ahead of expectations
- Acquisition and conversion of a site in Leeds to the Giraffe Bar and Grill brand, restaurant opened late March 2012
- Franchise Deal signed with Emirates Leisure Retail (ELR) to open a first site in Dubai, UAE later this year
- 4-6 new sites expected to open this financial year; strong pipeline of new sites
- Bank Facilities available for further expansion and acquisition
Commenting, Chairman Luke Johnson said: "This is another strong performance from the Giraffe business. Our brand will shortly be launched internationally with a site in the UAE. UK expansion has continued this year with the opening of five further sites. 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."
Russel Joffe, Managing Director said: "We have again expanded successfully, this year not just in the UK but overseas for the first time, with a new partnership with ELR. We are excited about the opportunities that the deal with ELR will present over the coming years. We are now almost at 50 UK sites. 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, 3i 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. It is a great example of 3i's success in acting as a minority partner to support talented entrepreneurs in fulfilling their vision for growth."
Luke Johnson 020 7554 9740
Russel Joffe 020 8457 2776
Notes to editors
Giraffe Concepts Limited is an award winning private equity backed restaurant business. The main owners alongside management are Risk Capital Partners and 3i. Giraffe operates 47 Restaurants in the UK, five of which are located in Airports
The management team is led by founder and Managing Director Russel Joffe, two further founding Directors in Andrew Jacobs (Operations Director) and Juliette Joffe, as well as CFO Paul Viner.
3i is an international investor focused on Private Equity, Infrastructure and Debt Management. Our rich mix of international relationships, extensive experience, on-the-ground knowledge and capital enables us to identify market-leading businesses and contribute to their success. Working in partnership, we support these companies in achieving their goals. Through combining these attributes, we create value for all our stakeholders.
For more information, go to: www.3i.com
Risk Capital Partners (RCP) is the entrepreneurial private equity firm founded by Luke Johnson. RCP backed Giraffe and Russel Joffe in a development capital transaction in 2004 when the group had just 7 sites. RCP is keen to support other growing businesses and their founders / management teams with its £75 million private equity fund
For more information: www.riskcapitalpartners.co.uk
Visit www.giraffe.net for further information.