Encouraging year-end trading for D&D London on day Old Bengal Warehouse opens

By Emma Eversham

- Last updated on GMT

Related tags: Economics

D&D London's Fish Market at the Old Bengal Warehouse opens today as the company's chairman posts 'encouraging' results for the 2011/12 financial year
D&D London's Fish Market at the Old Bengal Warehouse opens today as the company's chairman posts 'encouraging' results for the 2011/12 financial year
D&D London's chairman and chief executive Des Gunewardena today reported an 'encouraging' performance at his London restaurants after profit across the group rose 4 per cent to £4.2m despite a 'continuing backdrop of economic uncertainty'. 

The restaurant and hotel operator's financial results for the year ending 31 March 2012 are released on the day that it officially opens its latest project - the Old Bengal Warehouse​ - where a fish restaurant, grill, bar and wine shop will operate alongside each other on New Street in the City. 

Turnover at the group, which owns and runs more than 30 restaurants and a hotel in London, Paris, New York and Tokyo, rose 2.5 per cent to £75.5m and EBITDA was up 3 per cent to £6.7m. 

Trading performance

Gunewardena said despite continuing economic uncertainty and the company's investment into new venues, including the £50m South Place Hotel,​ he was pleased that he was able to report  'a solid set of results'. 

He said: "In the context of the current economic environment, I am particularly encouraged by the excellent trading performance of our London restaurants during the year. Most notably we have seen strong growth from, Blueprint Café (up 15 per cent), Sartoria (up 11 per cent), Bluebird (up 10 per cent) and Skylon (Up 10 per cent).

"On a like-for-like basis, our London based restaurant revenue grew by 4 per cent demonstrating that consumers will continue to dine in high quality venues." 

Joint venture partnership 

D&D London also used the release of its financial results to reveal news of a joint venture partnership with Turkish restaurant group Borsa Restaurants and entrepreneur Mehmet Ali Yalcindag. Together the three parties plan to open a bar, restaurant and events venue at Trump Towers in the Sisli district of Istanbul early next year. 

This forthcoming year will also see the company expand its reach to Leeds. Two restaurants are slated to open at the Trinity Leeds Shopping Centre Development in March 2013. 

Gunewardena said: “Looking ahead, I am very optimistic about our prospects for the current financial year and beyond. Our two new London ventures, South Place Hotel and Old Bengal Warehouse, promise to make a significant addition to our portfolio, as will the project we have underway in Leeds, which is part of the only new shopping development in the UK next year.

“Furthermore, our new joint venture partnership in Turkey will mark another exciting step in the selective development of our international ambitions and we look forward to providing an update on this in due course.” 

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