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Thu 5th Jan 2023 - Six by Nico reveals plans for “significant expansion” on the back of strong FY trading |
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Six by Nico reveals plans for “significant expansion” on the back of strong FY trading: Scottish-Italian chef Nico Simeone is set to open four new sites in the UK under his Six by Nico concept, as well as new bar and bakery ventures, and an international launch, on the back of a “robust financial performance”. The group, which currently serves over 10,000 diners per week across 13 sites in the UK and Ireland, recorded turnover of £30.8m for the year to June 2022, versus £18.1m for the prior 15-month period to June 2021. Operating profits from continuing operations jumped to £4.4m to June 2022, against a loss of £600k in the pandemic-hit 15 months to June 2021. Ebitda from continuing operations was £5.0m, compared to a loss of £0.1m in the 15 months ended June 2021. The group and its staff also raised over £300,000 for Sixco’s charity partner, Beatson Cancer Charity during this period, largely through the Beat6 not-for-profit restaurant in Glasgow. During the 12 months to June 2022, the company invested £3.9m, opening new Six by Nico sites in Canary Wharf (August 2021), Dublin (November 2021) and Aberdeen (April 2022), and Tan&ns (September 2021), a wine importer that supplies all the group’s ‘wet’ requirements. An £11.5m funding facility was also agreed with ThinCats to support the company’s “ambitious expansion strategy”. Simone said that having emerged from the pandemic in a stronger position than much of the sector, the group will “deliver a significant expansion in the next 12 months”, with four new UK Six by Nico openings, as well as new bar and bakery ventures in Q1 and Q2 2023. In addition, the business is drawing up plans for international expansion, with potential for a new venture in Dubai towards the end of 2023. Simeone said: “While covid was a huge challenge, we’ve bounced back very strongly, thanks to our amazingly loyal customer base who stayed with us through the lockdowns and have returned to our restaurants in phenomenal numbers. That’s down to our dedicated and hard-working team who have been absolutely brilliant – delivering consistent creativity and fun experiences day-in, day-out. At our core we are creative, agile and driven to deliver for our customers and 2023 promises to be our most exciting year. We’re really confident that, despite the economic headwinds, our high-value and high-experience restaurants will continue to excite our customers into the new year and beyond.” Sixco Group chairman, Rob Wirszycz said: “Nico’s genius in coming up with the concept of fixed-price, six-course tasting menus that change every six weeks has struck a resounding chord with the dining public. Crucially, thanks to our core strategy of building customer loyalty, we emerged strongly from the pandemic and now have a fast-expanding database of more than 550,000 engaged and active customers, all literally hungry for the experiences we deliver. Our headcount has expanded to over 500 colleagues, despite the well-known challenges the industry has faced in recruitment and retention, and our employee benefits are highly competitive. The plans we have developed to extend our network and broaden our offering in the UK and overseas are enormously exciting. We’ve done our homework and are confident we’ll continue to deliver on our ethos of bringing incredible value for money and great food and drink experiences, that we believe gives us a level of resilience at a tough time for the sector more generally.”
Coming this month for Premium subscribers – the Who’s Who of UK Food & Beverage: Propel is to add a fifth major database to its Premium service this month. The Who’s Who of UK Food and Beverage will be the first time full profiles of the UK’s top 700 food and beverage operators will be available in one place. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database has taken 16 months to pull together, merging Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Propel managing director Paul Charity said: “This invaluable guide simply hasn’t existed in the UK before. It’s a reference guide to the 700 largest operators in the UK. It will also be updated every month because on average 50 or so companies update each month of the year. So if you want to find out the most up-to-date information on a company, this is the database you will need on your desk at all times. It is also a wonderful complement to our Blue Book of Turnover and Profitability which is also updated each month and ranks these companies by turnover, profit and profit conversion. Together they provide the UK’s most detailed and insightful profile of absolute and relative performance.” Premium subscribers also receive access to three other databases: the Propel Multi-Site Database, produced in association with Virgate; the New Openings Database and the UK Food and Beverage Franchisor Database. Premium subscribers are also to be given exclusive access to the recording and slides to Propel Multi-Club Conferences. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription. Subscribers also receive access to Propel’s library of Friday Wrap interviews and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out; regular video content and regular exclusive columns from Propel group editor Mark Wingett.
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