Individual Restaurant Company (IRC), the casual dining group, which merged with Bank Restaurant Group at the end of last year, has reported a 30% increase in total sales for the five weeks to 31 December 2006 compared to the previous year.
Sales increased by 59% at its 17 Piccolinos and Restaurant
Bar & Grill formats during the period.
However, sales across its Bank and Zinc estate were down 2%.
The company said the growth in sales was driven, in part, by six new openings completed during the year.
Five new Piccolino restaurants were opened in Nottingham, Newcastle, Virginia Water, and Wandsworth and Wimbledon in London, as well as the group's fourth Restaurant Bar & Grill in Leeds.
The company also said it experienced a strong performance from its like-for-like estate.
In November last year, Bank agreed to acquire IRC, which is partly owned by Gresham Private Equity, for a total consideration of £40.8m.
The transaction, which constituted a reverse takeover, was completed on 22 December, with the new listed company operating under the IRC banner.
IRC said that the integration of the two companies is currently underway and progressing well.
It said that plans to introduce its key business drivers into the Bank and Zinc sites are on track to be in place by the end of March.
In addition, plans to transfer the entire group's accounting function to IRC’s current head Office in Manchester are due to be completed one month ahead of schedule.
IRC also said it plans to open six new restaurants in the current year. Three of these new sites have already been secured for Piccolinos in Sheffield and Didsbury and for a Restaurant Bar & Grill in Liverpool. These will be open by July 2007.
Steven Walker, chief executive of IRC, said: “I am delighted to report such positive trading over the Christmas period and continued progress with the integration of our two companies.
“We remain on target to have completed three new openings in the first half, as well as converting Zinc in Heddon Street to a Piccolino format.
“We continue to see the Piccolino brand as the principal growth driver for the Group's expansion going forward however we are also having great success with Restaurant Bar & Grills and will continue to roll out this concept on an opportunistic basis.”
The company also announced the appointment of Angus Gregory as its new property director at operational level.
Gregory, who previously work at The Restaurant Group and latterly, Nandos, joins IRC with effect from 1 April 2007.
His role will be to identify future sites to satisfy the group's expansion plans going forward.
