Drake and Morgan outline growth plans
London based bar and restaurant group Drake and Morgan will be opening two to three regional venues in the coming years, but will continue to focus on the capital. The group, which saw its turnover increase 20% to £24.6m in the year to 29 March 2015, has announced it will open its first restaurant away from the capital in Edinburgh in autumn 2016. The group’s finance director James Sherrington told the M&C that the majority of the group’s growth will be focused on London but added: “It’s likely in the next two or three years we will look to do two or three sites outside of London, Edinburgh won’t be the only one.” The group which currently has eight sites saw like-for-like turnover climb 4.6% in the year, with adjusted EBITDA up 28% to £3.2m.
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