Living Ventures is to launch a restaurant concept, with a menu featuring the most expensive beef in the world, as part of a long-term strategy to establish a third trading division within the business.
The Bar & Grill will be Living Ventures’ first restaurant concept in a portfolio that comprises Living Room, a bar and dining brand, and Prohibition, a cocktail bar chain.
The menu will feature Kobe beef - highly marbled Japanese meat that costs £100 a kilo - Angus rump burgers, clay-oven pizzas and a 90-strong wine list.
The latest concept, which will be rolled out if successful, will launch in an existing site that was previously operated as a Living Room at Smithfield’s, London.
Chief executive Tim Bacon said: "Being next to Smithfield’s Market it made a lot of sense to do something that was dedicated to the top-quality cuts of meat. We have always done concepts outside London then brought them in, whereas Bar & Grill has been designed specifically for this market.
"We won’t make an awful lot of money from the Kobe beef but it’s good for the menu. This is the City and we expect people will treat it as a champagne moment."
Bacon said the particular dish would be priced at around £50.
The group, which will spend £100k converting Bar & Grill, is also finalising plans for two Living Room sites in London. It has secured a 10,000sq ft site in Heddon Street, off Regent Street, and is negotiations on a 12,000sq ft site, in the City.
"We are keen to establish large-scale Living Rooms, like the ones we have in Manchester and Liverpool that take £60k and £70k a week, in London," said Bacon.
"We are showing more and more analysts around the business and until now their only reference point for Living Room has been Smithfield."
Mr Bacon said that while the Living Room site at Smithfield was making about £250,000 in annual profits it wasn’t really representative of the brand. The group also intends to bring Prohibition to London next year.
It is keen to increase its presence in London as Sagitta, the private equity group that owns 30% of Living Ventures, is expected to exit the business within the next 12 to 18 months. The group will either float on the stock market or replace Sagitta with a new backer.
