Hartford Group, the restaurant chain founded by Matthew Freud and the artist Damien Hirst, has finally abandoned plans to roll out the Pharmacy restaurant concept, the group said this morning.
The original Pharmacy in Notting Hill, London was meant to be the first of a chain of trendy restaurants decorated by Hirst. However, Hartford now intends concentrating on rolling out a chain of "bar with food" operations based on its successful Common Room outlet in Wimbledon, South London.
The group, which is now stuffed with ex-Slug & Lettuce executives, including Slug's former finance director, James Kowzun, who is about to become chief executive, revealed figures for the year to 30 December 2001 that showed turnover down 15% to £6.2m. Hartford made an operating loss before exceptionals of £1.5m, after exceptional items of £4.4m, split between writedowns on property and impairment of goodwill.
However, Hartford said, trading was above expectations at the pilot "bar with food", Common Room, in Wimbledon, formerly the Utah fine-dining restaurant, and funding was in place to develop a second Common Room operation to see if the formula could be repeated. A number of potential sites have been identified and "solicitors instructed", the group said.
The company's chairman Stephen Thomas, said Common Room was "a safe, welcoming place that serves food all day, targeting the 20 to 35-year-old market. It is aimed at customers looking for an alternative to the plethora of branded concepts available on the High Street today.
"The current market is dominated by large chains, which has resulted in a lack of individuality, flair and insufficient focus on customers and staff. Consumer fatigue with branded concepts is well documented with customers now more adventurous and less in need of the 'security' a familiar brand name has provided in the past."
The original Pharmacy in Notting Hill, London was meant to be the first of a chain of trendy restaurants decorated by Hirst. However, Hartford now intends concentrating on rolling out a chain of "bar with food" operations based on its successful Common Room outlet in Wimbledon, South London.
The group, which is now stuffed with ex-Slug & Lettuce executives, including Slug's former finance director, James Kowzun, who is about to become chief executive, revealed figures for the year to 30 December 2001 that showed turnover down 15% to £6.2m. Hartford made an operating loss before exceptionals of £1.5m, after exceptional items of £4.4m, split between writedowns on property and impairment of goodwill.
However, Hartford said, trading was above expectations at the pilot "bar with food", Common Room, in Wimbledon, formerly the Utah fine-dining restaurant, and funding was in place to develop a second Common Room operation to see if the formula could be repeated. A number of potential sites have been identified and "solicitors instructed", the group said.
The company's chairman Stephen Thomas, said Common Room was "a safe, welcoming place that serves food all day, targeting the 20 to 35-year-old market. It is aimed at customers looking for an alternative to the plethora of branded concepts available on the High Street today.
"The current market is dominated by large chains, which has resulted in a lack of individuality, flair and insufficient focus on customers and staff. Consumer fatigue with branded concepts is well documented with customers now more adventurous and less in need of the 'security' a familiar brand name has provided in the past."
