Jun 29, 2011

Giraffe Year End Results 2010/11

Giraffe Restaurants Announces Record Year in 2010/11
  • Turnover increased from £29.5m to £34.4m (52 weeks to 27th March 2011)
  • Operations strongly cash generative
  • EBITDA before exceptional items increases to £3.3m
  • Acquisition and conversion of three sites in to the Giraffe brand at Blackheath, Soho and Horsham with the Soho site recently re-launched as Giraffe Bar and Grill
  • Opening of three further Giraffe Sites in Aberdeen, Bath and Solihull
  • Opening of a further franchise site at Gatwick Airport
  • New sites opening this Autumn in Stratford, Chelmsford and Sheffield Meadowhall
  • Bank Facilities available for further expansion and acquisition

Commenting, Chairman Luke Johnson said: “This is another impressive performance from the Giraffe management team, following the successful execution of the Tootsies acquisition last year.  Expansion has been through both acquisition of sites and through the opening of two further sites in new regions for the business, in Scotland and in Birmingham, as well as a site in Bath in April. There are still many areas of the country that Giraffe plans to serve over the coming years.  We believe the brand has extremely strong appeal thanks to engaging service and a good value menu.”

Russel Joffe, Managing Director said: “These results show a resilient performance in a challenging year for the casual dining market. We have expanded successfully in new areas of the UK and with 44 sites and three new sites to be opened in the autumn we are fast approaching 50 UK sites. We are continuing to attract the very best industry talent to support and underpin our expansion.”

Giraffe Concepts continues to expand the core restaurant brand with new sites opening in Stratford, Chelmsford and Sheffield this autumn. In addition, the group have developed a number of exiting new brand extensions.  The first ‘Bar & Grill format opened in May in Soho with Giraffe Café opening in all-day high traffic neighbourhood locations such as Hampstead and Wimbledon. Giraffe Stop is a grab and go concept for travel-orientated sites such as mainline stations whilst Giraffe Burgers builds on the success of the brand’s pop up Guerilla Burgers restaurant in the London’s West End.