Jamie’s Italian, the restaurant chain spearheaded by high-profile chef Jamie Oliver, saw sales more than double, with 10 new sites opened during the year, according to results set to be filed later this week.
According to a report in the Financial Times, the chain will report pre-tax profits of £4.6m, on revenues of £47.6m, compared to profits in 2009 of £1.7m on £19.4m in sales.
The chain, which is led by managing director Simon Blagden, has since opened a further three sites during the first half of 2011 and currently has 25 restaurants operating.
The company plans to open a further 8 sites this year, with the same number expected to be added in 2012, as it targets “major conurbations”, which remain central to its strategy.
John Jackson, chief executive, told the newspaper: “We don’t want to scale it down and go to every market town.”
Jackson said that the further roll out of the chain would in part be funded by cash generated by its existing restaurants. He also did not rule out a flotation but said it would not come earlier than late next year.
He said the group’s concept-in-waiting, Union Jack’s, “could fit well in a wider range of locations. M&C Report understands the company has chosen a unit at the Central St Giles Piazza development in London’s West End to launch the new British-influenced concept, which will focus on using only British produce.
The group is understood to have appointed Chris Bianco, the award-winning US pizza operator, as a director to oversee the new launch, suggesting it will have a more modern twist and could feature pizzas or a flat-bread type offer made with British produce.
The first site under the brand is expected to launch this autumn.
Jackson also said that while the company would consider brining in venture capital, it would “not sell to another operator”. He said: “we wouldn’t do that because [the restaurants] will have Jamie’s name on the door.”
Jamie Oliver Holdings, which also encompasses the chef’s books and television businesses, will report revenues of £25.8m during 2010, compared to £18.3m the previous year, with pre-tax profits up 40% to £18.3m.
