Jamie’s Italian FY turnover passes £100m

By Mark Wingett

- Last updated on GMT

Jamie’s Italian FY turnover passes £100m
Turnover for Jamie’s Italian passed the £100m milestone in the year to 5 January, although EBITDA fell 9% to £11.9m as the management invested in infrastructure for International expansion, as well as the new Jamie’s Italian Trattoria brand and the rollout of its Gold Card.

The company said it had re-negotiated its revolving credit facility with HSBC, increasing it to £25m at the beginning of 2014 and extending it for a further three years. “The business enjoys an excellent relationship with the bank,” the company said.

During the year the company opened two new UK restaurants in Aberdeen and Greenwich under the traditional Jamie’s Italian format, and one under the Jamie’s Italian Trattoria brand.

“The Trattoria in Richmond is exceeding expectation and paving the way for the growth of this brand alongside the growth of the traditional format,” the firm said.

Jamie’s Italian said the international business “continues to deliver excellent results”.

“During the year Jamie’s Italian opened in Perth, Canberra, St Petersburg, Singapore, Dubai and Istanbul, taking the number of international restaurants to eight at the end of 2013. In addition licensing agreements were secured for the expansion of the brand into Canada, Indonesia, Malaysia, Sweden, Norway, Denmark and Finland.

“The pipeline for international openings remains very strong.”

Jamie’s Italian said: “General economic conditions and consumer confidence in the UK are improving but remain fragile. The senior management team are confident in being able to deliver a solid performance in 2014 through an efficient operating model, with special emphasis on providing benefits through the Gold Club membership, outstanding quality dishes and excellent customer service.”

The company said the Jamie’s Italian has created over 3,000 jobs during more than six years of operation.

This article was published first on M&C Report. To subscribe contact Emily.croft@wrbm.com ​or call 01293 846578

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