Richoux targets five new restaurants in 2013

The company, which owns and operates 14 venues under the Richoux, Zippers, Dean’s Diner and Villagio brands, said it made a net profit of £0.88m in the year to 30 December 2012 during which time its turnover also increased - up 9.4 per cent on the previous year.

"I am pleased to report the restructuring of the group’s property portfolio has now been completed and we now present financial results which represent the profitability of our existing restaurant estate," said Richoux Group chairman Philip Shotter.

Expansion​

The St John's Wood-based firm had been engaged in a round of sales of its under-performing restaurants. Venues in Slough, High Wycombe, Barnet and Basingstoke have all been disposed of as part of the restructuring.​

The firm's freehold Central Kitchen property was also sold - altogether the sales raised £0.92m for the group.

With the property restructuring process now complete Shotter confirmed the group would be looking to open at least five restaurants this year in three of the company's brands.

"With a strong balance sheet in place, the group is well placed to enter a growth phase with a number of new openings across all of our Villagio, Dean’s Diner and Zippers brands planned in 2013."

Dean's Diner​

Richoux, which last year expanded its Villagio brand to Chislehurst​ and converted the Basildon Dean's Diner to the same Italian concept,​ also opened a new Villagio restaurant last month in Chiswick.

The company will open a second restaurant under the Dean's Diner brand in May when a venue is launched in Fareham's Whiteley Village.

The restaurant group also operates four sites under the Richoux brand in London, six Villagio restaurants and one Zippers site in Chatham - the company has said all the sites continue to trade in line with expectations.