Former Wagamama chairman and current non-executive director at Jamie’s Italian Ian Neill has acquired a significant stake in the long-established City of London Japanese restaurant concept K10 as part of a £1m-plus investment in the business alongside Chrysalis VCT.
The company, which was founded by Chris Kemper in 1999 and acquired by the Maurice Abboudi-led Red Hot Restaurants at the start of 2010, has undergone a financial reorganisation, with Neill, who will become chairman, and Chrysalis VCT introducing an injection of capital and loans of more than £1m to aid further development of the business.
The group, which generates sales of over £2m per annum, recently secured a second site, the former Ping Pong unit in Appold Street, which will open at the end of February next year. Other sites are under consideration, with a third site planned for late 2013. The group hopes to operate four sites in the capital by the end of 2014.
Industry veteran Neil, who is also chairman of Las Iguanas and Company of Cooks, will be joined on the group’s board by Chris Kay of Chrysalis VCT, which has previously backed Ma Potters, Henry J Beans and Locale Restaurants.
Neill said: “I was absolutely knocked out by the food quality and value at K10. The lines of happy customers demonstrated I wasn’t the only one who appreciated what Chris, Maurice and the K10 team have achieved. It was difficult to find a reason not to invest in this wonderful business.”
Abboudi said: “Chris Kemper and I are delighted that K10 has secured new investment from backers as experienced as Chris Kay and Ian Neill. Their contribution to the board will be significant in the development and expansion of K10.”
Based in Copthall Avenue, the original K10, which also offers a takeaway and delivery service, currently generates sales of over £40,000 per week.
