Novus Leisure, the Toby Smith-led operator, is to roll out Tank & Paddle, its wood-fired pizza and craft beer concept, after the success of the first site in London’s Mincing Lane, MCA understands.
The HayFin Capital Management-backed group is set to convert the Rocket site in Bishopsgate to the concept later this year, with a third location for the format in the West End also identified.
Smith told MCA that the group is looking at expansion opportunities for both Tank & Paddle and its Balls Brothers brand, which recently opened its tenth site in Mayfair.
Smith said that the 43-strong Novus has seen like-for-like sales increase by 2% in the year to date (48 weeks), with turnover in its current financial year on track to reach c£104m.
The group launched the first Tank & Paddle on the site of its Agenda Bar at Minster Court in Mincing Lane last November.
The concept feature made-to-order pizzas including the Holy Smokes (pulled chicken and smoked bacon) and Veg Your Bets (sun-dried tomatoes, olives, artichoke and mushroom).
The venue will also specialise in mac ‘n’ cheese dishes, salads and dough balls.
Smith said that the Mincing Lane had seen a 30% increase in sales since its conversion to the new format, and was saving the group £12,000 in costs a month, after stripping out the need for security or DJs. It is currently selling 900 pizzas across its five-day trading week.
The company is to invest a further £100k on extending the Mincing Lane site, including the addition of a larger pizza oven from Italy.
Smith also reiterated that the group was eyeing further expansion of its wine and restaurant chain Balls Brothers.
The company recently instructed Colliers International’s leisure agency team to seek further sites across the capital for the chain. The brand’s tenth venue recently opened in Brook Street, Mayfair.