Maxwell’s Group, the London-based restaurant company, has reported a rise in full-year sales and profits ahead of the relaunch of its Navajo Joe unit next month, which it said signalled a brand new direction for the long-established business.
The eight-strong group, which is owned Brian Stein, saw turnover for the year to 29 October 2012 increase from £24.3m to £26.8m. Pre-tax profit climbed from £2.05m to £2.3m.
The company said: “2012 was another successful year for the company. Beauquest Ltd was acquired in March 2012 and has been successfully incorporated into the group, contributing both sales and profits. The London Olympics were not as successful as many had predicted and the general economic position remained difficult, but through careful management another profitable result was returned.”
The group, which was formed in the early 1970s, will reopen the Covent Garden-based Navajo Joe as Joe’s Southern Kitchen & Bar on 4 July.
The company said: “With the launch of Joe’s, Brian Stein and Maxwell’s Group are moving forward by returning to the beginning and embracing the newest version of the American food offering that looks beyond the burger, all impeccably served in a buzzy, exciting and unpretentious environment.”
