Profile on Peter Banks -Co-owner of Sutherland House restaurant in Southwold, Suffolk
Peter Banks, who is he?
Co-owner of Sutherland House, a modern British restaurant in Southwold, Suffolk which has the USP of including food miles alongside dishes on the menu.
Banks and his wife Anna bought the property for £100,000 in September 2006 and have spent another £50,000 refurbishing the grade II listed building which dates back to the 1450's and includes four bedrooms.
How did he get into the industry?
Banks did management training at The Savoy in London for fi ve years before working front of house in hotels in St Andrews and North Yorkshire.
How did he get started?
"With the help of the bank and my own money – we sold our house in North Yorkshire and are renting here for now."
How much is he worth?
"We should be able to turn over half a million pounds within three years, and of that, £100,000 will be profit."
Best piece of advice?
Banks wishes he'd listened to his venture capital friend who told him to "'ensure you borrow enough money to begin with'. It's really diffi cult to stick to budget when you're dealing with a building of this age, so now I'm paying the extra out of cash-fl ow. It would have been easier if I'd just borrowed an extra £30-50k."
Who does he admire in the industry?
Corbin and King (who set up The Ivy) because "everything they touch turns to gold. They fundamentally understand their market and know what customers want."
Most important thing he's learnt?
"To understand what your customer wants and then provide it rather than coming up with a great product then trying to sell it."
Future plans After Sutherland House is up and running, Banks plans to open other restaurants, again listing food miles on their menus, in the East Anglia area.
