Steakhouse sizzles to tasty boost in profits
AMERICAN steakhouse chain Black & Blue Restaurants has revealed a sizzling set of results – as turnover in the 12 months to October 31 last year doubled from £6.9million to £13.7million, and pretax profits soared almost fivefold, from £135,000 to £654,000.
Directors at the chain, which operates restaurants in Central London, said that they were ‘satisfied’ with the company’s performance and results, saying the group was ‘performing well in the current market’.
The company was founded by friends Alan Bacon and Nick Hill, who met each other in the Bahamas in 1970 and decided to start a restaurant chain.
They went on to found the Tootsies burger chain which they sold to a private equity company for £9.5million. Meanwhile, Salford-based brewery and pub operator Hydes has reported a 24 per cent increase in turnover to £27.7million for the year to April 3, 2016.
The company saw profits increase from £1.5million to £2million, and directors at the family-owned firm said that they had seen a year of strong performance against a backdrop of ‘significant investment’.