Six by Nico plots major expansion push after 'robust' results
Sixco Limited, which operates a total of 13 restaurants across the UK and Ireland including 10 under the Six by Nico brand, recorded turnover of £30.8m for the year to June 2022, versus £18.1m for the prior 15-month period to June 2021.
Operating profits from continuing operations jumped to £4.4m to June 2022, against a loss of £600,000 in the pandemic-hit 15 months to June 2021. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations was £5m, compared to a loss of £0.1m in the 15 months ended June 2021.
“While Covid was a huge challenge, we’ve bounced back very strongly, thanks to our amazingly loyal customer base who stayed with us through the lockdowns and have returned to our restaurants in phenomenal numbers,” says Nico Simeone, CEO and founder of Sixco.
During the 12 months to June 2022, the company invested £3.9m opening new Six by Nico sites in London's Canary Wharf; Dublin, Ireland; and Aberdeen, Scotland. It also launched Tan&ns, a wine importer that supplies all the group’s wet requirements.
An £11.5m funding facility was also agreed with challenger bank ThinCats to support Sixco’s expansion strategy.
In the next year the group intends to open a further four Six by Nico restaurants in the UK, alongside launching new bar and bakery ventures in the first half of 2023.
Additionally, the group is drawing up plans for international expansion with potential for a new venture in Dubai towards the end of 2023.
“The plans we have developed to extend our network and broaden our offering in the UK and overseas are enormously exciting,” says Rob Wirszycz, Sixco chairman.
“We’ve done our homework and are confident we’ll continue to deliver on our ethos of bringing incredible value for money and great food and drink experiences, that we believe gives us a level of resilience at a tough time for the sector more generally.”
Simeone launched the first Six by Nico in Finnieston, Glasgow in 2017 and subsequently opened his second site in Edinburgh in 2018.
The concept revolves around a six-course tasting menu that changes every six weeks and is themed around different places, memories and ideas.
In 2019 the group underwent a period of significant growth, expanding outside of Scotland and opening restaurants in Belfast, Manchester, and Liverpool in quick succession. It made its debut in London's Fitzrovia in 2020.
“At our core we are creative, agile and driven to deliver for our customers and 2023 promises to be our most exciting year,” adds Simeone.
“We’re really confident that, despite the economic headwinds, our high-value and high-experience restaurants will continue to excite our customers into the new year and beyond.”
