Orchid Group, the managed operator, says it plans to invest a “millions more” in 13 sites this financial quarter, with more to follow in the remainder of 2014, as it outlines its options regarding its future financing and ownership structure.
It said these options include overseeing the continued transformation of Orchid until 2016 or 2017, or pursuing further discussions with a range of selected investment partners “who have expressed a desire in purchasing the group outright, and establishing Orchid as a platform for a larger managed pub and bar business”.
Orchid, which is backed by Deutsche Bank, said its upcoming investments will focus on more conversions to Pizza Kitchen & Bar, as well as more dining pubs and pub-restaurants under the All Inns and Carveries banners.
Orchid said the decision to sanction increased investment follows a significantly positive trading period that saw it record its best ever Christmas and January sales figures.
The company has already invested £20m across at more than 50 businesses in the past 12 months.
Rufus Hall, chief executive of Orchid Group, said: “We have made no secret of the current situation – it is only right that the Board and Deutsche Bank weigh our options after a significant period where they have provided tremendous support to the Orchid management and business, allowing us to lead an exciting period of transformation for the group.
“The very positive news is that all options remain on the table and that this process is something that we undertake from position of complete strength, with the business performing very well, and those venues that have been the subject of capital investment responding very, very encouragingly.”