Mon 11th Jan 2016 - Wolseley operator Corbin & King reports 24% revenue jump Wolseley operator Corbin & King reports 24% revenue jump: London restaurant operators Corbin & King, which operates seven high profile sites in the capital, has reported sales rose 24% to £43,835,052 (2014: £35,401,901) in the year to 29 March 2015, thanks largely to the addition of Fischer’s, Marylebone High Street and The Beaumont, opened in May 2014 and September 2014, respectively, contributing £7.2m for the period since they opened. The company stated: “Having been closed for refurbishment in January 2014, The Wolseley added £750,167 to generate revenue for the year of £12,383,997 (2014: £11,633,840). The Dalauney continued to grow reaching £9,250,385 (2014: £9,099,124) further solidifying its position in the pantheon of top London restaurants. Brasserie Zedel’s revenue grew to £8,681,283 (2014: £8,406,556) and Colbert’s to £6,328,387 (2014: £6,262,391). The pre and post opening costs for Fishcer’s and, in particular, The Beaumont, are seen in the operating loss of £1,797,525 (2014; £198,491 profit.) Adjusted Ebitda held firm at £2,308,802 (2014 £2,331,179) despite the expected pre-opening costs of such a large business at the Beaumont.” The company renewed its debt with HSBC on 30 November 2015 – the new facility comprises a £14,250,000 term debt facility and a £1m overdraft. The balance sheet shows a net deficit of £14,970,007 – a consequence of the funding structure whereby loan notes of £21,277,778 were issued to shareholders in 2012. In addition, the accrued interest on the loan notes at the balance sheet date was £5,871,622 resulting in a combined creditor balance associated with the loan notes of £27,149,400. Losses in the year were £4,615,113 (2014: losses of £1,778,685) after interest of £2,817,907 (2014: £1,977,176). The company opened Bellanger in Islington Green in December 2015 with a menu strongly influenced by Alsace, exemplified by dishes such as tarte flambee.