Gusto Italian, the premium casual dining group, has revealed the appointment of Phil Dearden as its new Chief Financial Officer (CFO). Dearden, joining the company this month, brings with him a wealth of experience in managing private equity-backed businesses within the hospitality sector.
Dearden's previous ventures include co-founding Bold Pub Co and Bravo Inns, where he not only played a pivotal role as CFO but also oversaw the operations of these businesses. Both community pub groups were successfully sold, with Bold Pub Co being acquired in 2007 and Bravo Inns in 2020.
Dearden's appointment follows the departure of Frank Bandura, the former CFO of Gusto Italian, who will be taking on a full-time CFO position at Impact Food Group. The transition in leadership aims to ensure a smooth handover and maintain the company's financial stability and strategic direction.
As the new CFO of Gusto Italian, Dearden will assume responsibility for driving the financial growth of the company.
On the new appointment, Gusto Italian CEO, Matt Snell says: 'We’re thrilled that Phil will be joining Gusto Italian. He has vast experience in this industry as a CFO and as a leader who has defined and driven the financial strategy of his own highly successful businesses, and I have no doubt he will be a great asset to Gusto Italian during what is a critical time for the business.
'I’d also like to thank Frank Bandura, who has been a valued member of the senior leadership team since 2020 and helped us navigate what was a highly challenging time for the industry. We will miss Frank’s input, knowledge and wisdom, and we wish him well for the future.'
Before venturing into the hospitality industry, Phil Dearden, a chartered accountant who also holds an MBA from Strathclyde Graduate Business School, spent time in corporate finance roles in the food and retail sectors, as well as previously working in management consultancy at Ernst & Young. He joins at a definitive moment for Gusto Italian as the company expands its footprint and makes substantial upgrades to its core estate.
The group opened its first southern site in Oxford last year after a £1.8m investment. The company is also carrying out full refurbishments at its Edinburgh and Alderley Edge locations, as part of a self-funded £2m CAPEX programme.