Corbin & King celebrates 8% turnover rise

High-end restaurant group, Corbin & King has reported its annual results for the year ending 26 March 2017, showing a rise of 8% in turnover to £45.5m.

The results follow the news that Thai-based Minor Hotels acquired a majority share in the company for £58m.

The company operates six upmarket brasseries and restaurants, including the dog-friendly Bellanger, which opened in Islington in December 2015. Bellanger contribed 4% of the overall revenue growth, and the Wolseley in Mayfair saw revenues rise by 3% to generate annual revenue of £13m.

Zedel revenues, which include four restaurants including Brasserie Zedel, grew by 4% to £10.4m; Colbert’s in Chelsea grew by 6% to £7m; and trading improved at the Delaunay on the Aldwych, where revenues grew by 2% to £9m following a fire in nearby Holborn, which had affected trading the previous year. At Fischer’s, a Viennese cafe in Marylebone High Street, revenues grew by 8% to £3.3m.

In October 2016, following the end of the accounting period, the group was restructured with the restaurant business separated into a restaurant group and the Beaumont remaining within the Corbin & King Hotel Group, which was renamed during the same month from Corbin & King.

At the same time, Corbin & King Hotel Group returned the lease on the Beaumont to the freeholder, Grosvenor West End Properties, and assumed the operation of the hotel under a hotel management agreement.

Director Jeremy King, who founded the company in 2003 with fellow restaurateur Chris Corbin, said he was “delighted” with the way Corbin & King Holdings had performed during the accounting company year. He continued, “Moving to a management contract has allowed us to turn the Beaumont into a positive income stream for the group and I am delighted that it is now not only outperforming its competitors but also winning awards.

“We are seeing growth on all fronts within the restaurants. There are unquestionably challenges, we operate in what is fast becoming an over-saturated market, however this plays into our strengths. We have reviewed all our systems and operations and feel prepared for whatever the next few years might present.”