The Ivy Collection reports turnover hike

Ivy on the Square

The Ivy Collection, which is due to open its second Scottish restaurant in Glasgow after Edinburgh’s Ivy on the Square (pictured) in the summer , has reported turnover up 124% to £98.5 million in the year to 29 July 2018 on the back of 14 openings.

Underlying earning jumped 145% to £11.5m but a sharp rise in restaurant pre-opening costs meant it made a pre-tax loss of £3.5m

The company has drawn bank debt of £66.6m a shareholder loan from Richard Caring of £19m. It forecast that turnover will double to £203m this year, with underlying earning expected to triple to £35m.

The chain, based on the 102-year-old original in Covent Garden, London, is on target to open three new restaurants in Glasgow, Oxford and Cardiff  by the end of this year, lifting its total estate to 38 outlets, a mix of all-day Ivy Brasseries and more informal Ivy Cafés.

Category: Restaurant
Tags: The Ivy Collection