‘Sticking to the plan’ through difficult times has paid off for Pieminister who have reported a profit before tax of £99k in the financial year to 31 March 2015, compared to a loss of £109k for the same period in 2014. Sales revenues have grown by 21% to £9,197k (2014: £7,598k): a direct result of a strategic decision to remain resolute in their focus to grow their presence within the fast casual dining sector.
Premium pies served with cocktails, beers and music
Control of their brand equity has been important to Pieminister’s strategy, leading them to invest heavily in their own retail outlets. The opening of Pieminister Cardiff in spring 2014 took the number of Pieminister outlets to eight, delivering impressive incremental revenues month on month. And award winning pies and sides served up with a generous helping of cocktails, craft beers and music ensured that the spring 2015 launch of the flagship restaurant in Leeds was a success.
With further restaurants opening in Nottingham and Bristol in the New Year (and more poised to open later in 2016), Pieminister is confident that the improvement in performance will continue into the next financial year and beyond.
Pieminister founder and MD Jon Simon said:
“We are very excited about the return to growth and profitability following our strategic decision to return to our roots as a unique restaurant proposition. The offer has developed significantly over the past 12 months and as a result we have seen impressive growth in like for like and top line sales. Our new sites have delivered well above our expectations and the feedback from our customers has been very encouraging. 2016 will be a very exciting year for us with the opening of at least 5 new restaurants. In a very competitive sector we feel that we have developed a concept that is truly unique and have built a strong foundation with our operational team and systems to deliver strong and sustainable growth over the coming years.”
Comprehensive Package for pubs and bars
Pieminister has also developed a comprehensive package for pubs and bars. Partnering with experienced, high calibre operators has allowed the company to implement a turnkey food solution into previously wet led sites. The simplicity of the offer coupled with branded support from Pieminister has delivered impressive incremental and profitable business for both themselves and their operating partners. These include a number of sites in high footfall locations in London and other city centres across the country.
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