Hard Rock Café reports profit dip: Hard Rock Café UK has reported turnover rose to £20,701,000 in the year to 31 December 2013, a rise from £20,078,000 the year before. Pre-tax profit was £4,803,000, down from £5,020,000 the year before. The results include a brief period of trading for the company’s third UK site, located in Glasgow, which opened in November last year. The company reported that customers spent an average of £29.13 on retail merchandise compared to a spend-per-head of £23.94 on restaurant spend in 2013. There were a total of 498,276 restaurant transactions (2012: 477,716) compared to a total of 320,079 merchandise transactions (2012: 329,508). The company stated: “The impact of opening Glasgow was to increase restaurant transactions by 23,931 and retails transaction by 6,667. The increases to the average spend in restaurant and retail are due to the weaker pound against the dollar and euro. It was also influenced by the restructuring of the menu and a small price increase in retail.” In total, the sale of food and beverage was worth £11,485,000 in 2013 (2012: £10,757,000) while the sale of merchandise was worth £9,216,000 in 2013 (2012: £9,321,000).

Chipotle Mexican Grill reports increased UK losses: Chipotle Mexican Grill has reported increased losses at its six-strong UK operation in the year to 31 December 2013. Turnover rose to £5,992,391 from £4,042,933 in the year prior. Losses before tax were £3,275,090 compared to £2,000,490 the year before. The company stated: “We’ve seen positive improvement in our business fundamentals as we’ve worked to refine our model in the UK. Our food costs have declined year-on-year as we’ve worked with our suppliers and focused more proactively on our sourcing. Labour costs have decreased as we’ve strengthened our teams and become more efficient at serving our customers. We’ve experienced leverage throughout our operating costs as sales have grown during the year. Comparable restaurant sales have trended favourably throughout 2013 demonstrating a growing demand for our food and our brand.” Of the threats it faces in the UK, it stated: “Continued development in the UK will partially depend on our ability to generate strong sales and returns for our investors. Specifically, due to lower consumer familiarity with the Chipotle brand, differences in customer tastes or spending patterns, or for other reasons, sales at restaurants in the UK may take longer to ramp up and reach expected sales levels, and may never do so. To build brand awareness we may need to make greater investments in advertising and promotional activity.” The company has losses of £6,022,000 (2012: £3,308,000) to carry forward against future trading profits.

Apostrophe founder Chen invests in Soupologie: Soupologie, the fresh “free-from” soup company, has received a significant investment from Apostrophe founder Amir Chen who has agreed to join its advisory board. Chen was co-owner and chief executive of Apostrophe from 2004 to 2014. He developed Apostrophe into one of London’s leading café brands, operating out of 23 locations across central London high streets, shopping centres, tourist attractions and at Heathrow and Gatwick airports. In 2011, Apostrophe established a joint-venture with award-winning caterer CH&Co., to whom Amir sold his remaining shares in April 2014. Prior to Apostrophe, Amir was an investment banker with Lehman Brothers in London and New York. Chen said: “I have been so impressed with Soupologie’s products, the speed at which the company has grown, and the loyal following that the brand has acquired so quickly with the likes of Ocado and the major health food retailers. It is a testament to the dedication and uncompromising attitude of Soupologie’s founders, Stephen and Amanda Argent, and I look forward to working with them to make Soupologie a leading player in the health food market.” Through his position on Soupologie’s advisory board, Amir will help the company with innovation, gaining wider brand recognition and expansion into new markets. In announcing the news of Amir’s investment, Stephen Argent, founder of Soupologie, said: “We are thrilled that Amir is on board, as his invaluable experience in this sector will help us achieve our vision for Soupologie over the coming years. These are exciting times for Soupologie, and Amir’s contribution will help us grow and develop significantly, fulfilling our goal of making delicious healthy food accessible to as many people as possible.” Chen has made his investment through crowd-funding site Crowdcube (www.crowdcube.com). It is part of a fundraising round by Soupologie, which are looking to raise £120,000.