IHOP RECOGNISED
<25A0> IHOP (International House of Pancakes) Corp chief executive Julia Stewart was awarded a Silver Plate by the International Foodservice Manufacturer's Association in February. The award, among the restaurant industry's highest honours, recognises top-performing corporate executives and independent owners. Stewart, officials said, made "an extraordinary tactical effort to revitalise IHOP". The 1,186-unit family restaurant chain recently reported a 19% increase in net income, $10.5m, in the fourth quarter and a 5.3% gain in same-store sales for 2004.
NRA PREDICTS COMING TRENDS
<25A0> Customising menu items, deploying technology, and creating customer loyalty will be hallmarks of 2005. Or so claims the National Restaurant Association, which recently released its annual predictions for the year. Other trends: more exotic flavours, rising commodity costs and remodelled interiors. According to the 2005 Restaurant Industry Forecast, restaurant sales this year will rise an inflation-adjusted 2.2%, to $341.8b. Adults, the forecast says, will purchase restaurant-prepared food an average of 5.3 times a week. Moreover, entre salads, poultry and beef rank among the most popular items in sit-down restaurants, while entre salads, bottled water and poultry top the fast<2011>food list.
SANDWICH CHAIN RESCUED
Atlanta-based Le Petit Bistro, a 35-unit mall- and airport-based sandwich chain, was bought out of bankruptcy in February by United Enterprise Fund. The $41m private equity fund finances qualified minority operating partners and currently manages investments in Church's Chicken, Cinnabon, Blimpie and Bear Rock Caf. Terms were not disclosed.
AN ADVERTISEMENT FOR GROWTH
Famous Dave's, a 107-unit chain specialising in barbecue meats, has announced that it has entered a five-year $10m revolving credit facility. The money will be used for working capital and to repurchase shares. The 10-year-old company, based in Edina, Minnesota, struggled financially for several years before being turned around last year by a new management team.