ONE Group plans STK UK expansion
The investment came after the business became a publicly traded company in the US following a merger with the Committed Capital Acquisition Corporation.
The group has grown from one restaurant in New York in 2006 to a global company that will generate an estimated $125m in system-wide revenue this year.
STK London launched on The Strand in the UK in December 2012, the first international outpost for the group, which also has restaurants in Miami, New York, Las Vegas, Los Angeles, Atlanta,
The arrival of STK followed the success of Heliot Restaurant, Lounge & Bar at the Hippodrome Casino which opened in July 2012, and Cucina Asellina: a UK outlet for New York’s famed Italian restaurant Asellina.
"We have grown The ONE Group by creating a high-energy dining experience through a blend of the modern steakhouse and chic lounge concepts that attracts a broad demographic and encourages social interaction," said Jonathan Segal, chief executive of The ONE Group. “Following the success of STK in London, we look forwards to expanding the brand across other cities in the UK and Europe.”
Michael Rapp, chairman and president of Committed Capital added, "Jonathan and his talented team have built a truly exceptional, category leading hospitality brand from one restaurant in 2006 to a global company that will generate an estimated $125 million in system-wide revenue this year. We believe The ONE Group's strong unit economics, high-growth prospects and capital-light model will uniquely position the company in the capital markets and provide our investors with attractive long-term returns."
The original story was covered by our sister title, M&C Report.
