Paramount, owner of the Chez G‚rard, Livebait, Caf‚ Fish and Bertorelli brands, this week reported sales growth for the Christmas period and the first six months of the financial year. Like-for-like sales increased 5.7% over the six-week Christmas period, and 1.4% over the past six months.
The company, which acquired Chez G‚rard last April, said it had made steady progress in improving operating margins and returning its four brands to profitability. "This result demonstrates that we are on course with our plans to turn around the business," said Nick Basing, chief executive of the restaurant group.
As part of its restructuring drive, Paramount sold three restaurants and closed three others last year. The company is refurbishing its flagship London Covent Garden Bertorelli's restaurant, which will be relaunched next month. Analysts say Paramount is profiting from the beginning of a general economic upturn in London, where most of its outlets are concentrated.