Individual Restaurant Company Plc (IRC) is a Stock Exchange quoted company created from the reverse take over by Bank Restaurant of the Individual Restaurant Company (IRC) in late 2006.
As part of the reverse take over IRC took control of the enlarged group.
IRC operates 2 restaurant formats: Piccolino, the Italian restaurant and bar, and Bar and Grill which trade under the names of The Restaurant Bar and Grill, Zinc Bar and Grill and Bank.
It is IRC's committed corporate mission to continue to open restaurants throughout the UK to meet the increasing demand for quality dining. The IRC's aim is to maximise this ever growing market opportunity and to remain a leading player in the premium/casual dining sector.
On 13 July 2007 the company announced that its restaurants had performed well in the first 8 months of the year with operational results being in line with expectations.
IRC reported that group sales rose by 152% to £25.7 million compared to £10.2 million 12 months previously. However exceptional costs of £2.9 million produced a combined loss of £3.52 million.
IRC continues its stated growth strategy with new openings achieved in early 2008 of Piccolino in Birmingham and Piccolino in York taking the group to 30 restaurants across 3 brands; Piccolino, Restaurant Bar & Grill and Bank. Further additions to the Piccolino and Restaurant Bar and Grill brands are planned for 2008.
AIM Rule 26 Disclosures
Directors
Steven Walker, Chief Executive Officer (age 37)
A former stockbroker, Steven entered the food manufacturing business in 1994 by buying into Yorkshire Kitchens Limited. He took control in 1995 and sold the business for c. £18.4 million in 2000 to Greencore Group PLC, having grown the turnover in those six years from £1 million to £30 million. He was subsequently the CEO of The Roberts Food Group, which had sales in excess of £100 million. Steven has also owned a number of other successful businesses in the retail and leisure sector.
Vernon Lord, Finance Director (age 40)
Vernon qualified in 1990 as a chartered accountant with KPMG, after which he was appointed Finance Director of Tuson Limited. In 1994, Vernon joined Granada Entertainments as a senior accountant. In 1995 he became Finance Director of that business and in 1996, Managing Director. In 1997, Vernon was made Managing Director of Granada Accounting Services Limited. In 1999, he was appointed Finance Director of Inventive Leisure Plc, where he was responsible for a £10 million equity raising via an AIM listing and a subsequent secondary placing.
Iain Donald, Operations Director (age 48)
Iain spent his formative years working alongside some of the world’s best chefs in five-star hotels throughout the world. Iain joined Compass Group plc in 1995 in a management role before joining Est Est Est in April 2000, when that company owned eight restaurants, where Iain was instrumental in the expansion of Est Est Est to a total of 25 restaurants. Since joining IRC he has overseen the roll out of the two brands.
Robert Breare, Non-Executive Chairman (age 53)
Robert was until recently the Chairman of Noble House Leisure Limited which concentrates on branded restaurant and bar businesses including Jim Thompson’s and Yellow River Cafe. He successfully managed the sale of Noble House to private equity. He is also non-executive Chairman of Ted Baker Plc and Merchant Inns Plc. Previously he has built up and sold a number of groups in the hospitality and leisure sector, which included substantial food and beverage operations, notably Arcadian International Plc, which grew from a market capitalisation of £4.5 million in 1990 to £92 million in 1998 when it was taken over.
Richard Simpson, Non-Executive Director (age 57)
During a career spanning 30 years with Whitbread PLC, Richard held several senior positions in finance and general management and was a member of its executive board. He was finance director for all UK operations before becoming managing director of Whitbread’s Restaurant Division where he was responsible for a portfolio of businesses with sales of £650 million including Pizza Hut, Cafe Rouge, T.G.I. Fridays, Bella Pasta and Costa Coffee. In these roles he contributed to substantial business expansion both through major acquisitions and organic growth. Acquisitions during this period included David Lloyd Leisure for c. £200 million and Costa Coffee for c. £20 million. Since leaving Whitbread, Richard has worked as a non-executive chairman/director of a variety of small/medium sized businesses in the leisure and hospitality sector.
For further information regarding The Individual Restaurant Company Plc then please contact College Hill at:
College Hill Associates, London
78 Cannon Street
EC4N 6HH
Registered No. 01036926
Tel +44 (0) 207 457 2020
Fax +44 (0) 207 248 3295
pr@collegehill.com
Details of key advisers to the Company
Financial adviser, nominated adviser and
broker to the Company
Altium Capital Limited
5 Ralli Courts
West Riverside
Manchester
M3 5FT
Bankers to the Enlarged Group
Lloyds TSB Bank plc
PO Box 349
4th Floor
53 King Street
Manchester
M60 2LZ
Solicitors to the Company
DLA Piper UK LLP
101 Barbirolli Square
Manchester
M2 3DL
Reporting accountants to the Company
Grant Thornton UK LLP
Heron House
Albert Square
Manchester
M60 8GT
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Further AIM Rule 26 Information