VQ, formerly Vingt-Quatre, the 24-hour restaurant and bar concept, is set to go on the expansion trail after securing new investment from Richard Northcott, chairman of Theo Fennell.
Managing director Simon Prideaux told M&C Report that the company, which produced net turnover of just under £3m in its latest financial year, was actively seeking a third site in the capital, with the South Bank of particular interest.
He said: “I think we can do four to five in the capital, then look for opportunities in other major cities. The links we have built up through operating at the St Giles Hotel means that an international play is also a possibility, with major cities from New York to Sydney on the radar.”
Prideaux said having Northcott, who founded Dodge City (now B&Q) and Pet City (now Pets at Home), on board would help “open up new doors” for the concept, which has seen a 24% uplift in like-for-like sales on the back of its rebranding and refurbishment in 2012.
The brand currently serves over 5,500 customers a week in Chelsea & Bloomsbury.
The company is now seeking 24 hour or late night licence sites in Shoreditch, Waterloo, Borough, Clapham, Notting Hill and Islington.
The original VQ located on the Fulham Road SW10 will be 19 years old this Friday. A second site opened on Great Russell Street WC1 last year under the 720 room St Giles Hotel off Tottenham Court Road, complete with 45ft glass frontage and 120 covers
Northcott is a Director of Cirrus Inns with 14 pubs and previously Geronimo Inns, said: “VQ is a great concept with a terrific team. I think we can grow into a significant brand home and abroad”
