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Upmarket Searcys parent firm sees profits grow

Published:  06 January, 2014

The parent company of the champagne-focused Searcy's bar and restaurant group reported profits growth of £600,000 to June 30, 2013.

NEWINCCO 1002 Ltd reported EBITDA of £2.3 million, up from £1.7 million to the same period in 2012. Its turnover grew from £43 million in 2012  to £46.2 million in 2013.

The firm's directors, led by Doug Tetley, said that sites with direct  involvement in the 2012 summer Olympics in London benefited from an upturn in trade while others saw trade fall away before and during the event.

Searcy's operates a number of high-profile sites across London, including one at St Pancras Grand, the Champagne bar at One New Change in the City, and Paddington Champagne Bar. It also runs venues in the Gherkin, as well as at the Barbican and Westfield Centres.

It has just signed terms to provide services to two new Montcalm hotels - one in Marylebone near Marble Arch and the second, which is still under construction, on City Road in Shoreditch.

Back in November, it was reported that the group was up for sales for £25 to £30 million.

At the time it was suggested that the group could be broken up, with contract to operate its restaurant on top of London's Gherkin going to a top restaurateur, and the remainder going to a larger rival.

Also at that time, Searcys opened its Balcony Bar & Brasserie at Selfridges in Birmingham.

Searcys was bought by its management team, led by Tetley, in 2010 with backing from investor Harish Patel.