Richard Caring, the serial sector investor, has told Dominic Walsh for M&C that Bill’s is looking at some off-shoot ideas for the 72-strong brand and admits he may has pushed the concept along “too far”.
In terms of an exit, Caring, who has backed the brand since 2008, said that “maybe in a couple of years from now we will be in a position to have a look at that”.
He said: “It needs to be expanded at a slower pace. We’ve expanded quite quickly and now we’ve got to catch up with ourselves. We believe there’s space in the country for maybe 180 to 200.
When asked if he though the company was a little too aggressive with the pace of the rollout?
He said: “We were very aggressive, yes, but now we want to be consistent, producing a good product. I think it was partly my fault by pushing it along too far. With Strada and Cote we put our foot on the accelerator. But sometimes you’ve got to control the urge to take over the world. So we’ve solidified Bill’s - it’s a super brand and we’re very proud of it. We’re also looking at some offshoot ideas to the brand.
DW: A cheaper version?
RC: Yes, but I’m not revealing details. We’ll carry out trials in the next year.
DW: A more bar-based version, perhaps?
RC: I can’t give all my secrets away. It’s a very competitive world out there!
Caring admitted that the expansion of the current three-strong Jackson & Rye was on hold.
He said: “We’re not sure it’s something we want to spend our energy on. I’m not sure if it’s a unique enough concept. It’s trading from three sites and will remain at three sites for the foreseeable future.”
Dominic Walsh is the leisure correspondent for The Times
