Restaurants 19 fleurets.com Central London restaurants have remained relatively stable and continue to flourish. Corbin & King, the operator of six Central London sites, as well as, Café Wolseley in Bicester Village, illustrate this point perfectly. Irrespective of difficult economic times, not to mention a week’s closure and subsequent disruptions at The Delaunay due to a close by fire, for the year ending 26th March 2017, The Delaunay announced increases in revenue by 2.3% to £9.0m. The Wolseley and Brasserie Zedel increased their revenue by 3.3% and 4.0% respectively over the same period. Exemplary service, a distinctive offering, central accessible locations in combination with spectacular settings financially show their worth. Corbin & King’s company accounts, interestingly highlight the added benefit of group operations, being able to share the central services of procurement, personnel and training. Furthermore, the group also highlight staffing as a key ingredient in their recipe for success; ‘workforce [is] its most important asset’. Similar to the new entrants in the casual dining market, high end restaurants are also on the acquisition trail. For example, Petersham Nurseries expanded from their primary Richmond location into Central London. Their Covent Garden site supplemented its deli/retail operation, adding two restaurants, set around an internal courtyard and spanning over 16,000 sq ft. The rental for this operation is circa £2,000,000 p.a. and opened in February 2018. And expansion is not limited to London. D&D London, the group behind German Gymnasium, Le Point de la Tour and Skylon, to name a few, have recently reported strong financial results for 2017/18, with a 6% increase in turnover to £132.2m. With a strong existing London portfolio, the group are broadening their reach, having recently opened 20 Stories in Manchester. The benefit of high end, destination restaurants is that more often than not, it is the name of the chef or the sheer reputation of the quality of food, service and overall experience that drives trade, not whether is it located in an iconic or high footfall position, although it does help! Consequently, being in super prime central city locations is not always important. In fact, many such restaurants are in arguably slightly off pitch locations by comparison. Notwithstanding this, demand remains strong, especially as operators seek these alternative locations in an effort to balance location with affordability, and rental growth is being seen across the board. Fleurets is acting for the tenant, the renowned chef, Jason Atherton, in connection with the rent reviews of his Michelin starred restaurants, the Social Eating House on Poland Street, Soho, and Pollen Street Social on Pollen Street, Mayfair, seeking to secure the best outcome possible in an ever competitive market place. Armed with just a small handful of examples I hope I have illustrated that the restaurant market (not the food!) is indeed alive and kicking, and opportunities continue to present themselves and be created. 1 Increased revenue 2.3% to £9.0m The Delaunay The Wolseley Increased revenue 3.3% to £13.0m Brasserie Zedel Increased revenue 4.0% to £10.4m D&D London Increased turnover 6% to £132.2m The Wolseley 1