IRC scraps Zinc expansion plans

Individual Restaurant Company, formerly Bank Restaurant Group, has scrapped plans to expand its Zinc restaurant chain and will instead focus on its Piccolino brand.

 Bank purchased Zinc from Conran Restaurants – now D&D London – in late 2005 and had aimed to double the five-strong portfolio. However, IRC has now killed off a new Zinc project set for Manchester’s Old Trafford Centre.

 It will also convert its flagship Zinc in London’s Heddon Street to a Piccolino’s by May’s end, as it looks to add six, mainly Piccolino, restaurants a year. The company is also considering the sale of its loss-making Birmingham Zinc.

 In the full year to 31 October, Bank and Zinc restaurants boosted turnover 57% to £13.63m (2005: £8.67m).

 However, due to exceptional costs totalling £2.9m arising from ditching the Zinc roll-out, the businesses made a combined loss of £3.52m (2005: £150,000 loss).

 IRC also terminated a restaurant services agreement with Conran, which cost £270,000 in 2006.

 The company recently rebranded Zinc Manchester as The Restaurant Bar and Grill and introduced the Grill menu at Glasgow Zinc, also.

 Bank took over the Individual Restaurant Company (IRC) in December in a reverse takeover-deal that saw IRC’s management team gain control, before subsequently renaming as IRC.

 Individual Restaurant Company reports strong Christmas trading

Bank reveals details of Individual Restaurant Company acquisition

Reverse takeover deal sees IRC take control of Bank

Zinc Bar and Grill to pilot new look at Manchester site

By Chris Druce

E-mail your comments to Chris Druce here.