Restaurant group D&D said today that it is building its overseas business in a bid to reduce reliance on the UK for future growth.
The company has no plans to halt UK projects, but will direct more resource towards the US market, in particular, to expand the business.
New York and Paris now account for 15% of its turnover, with Bluebird and Queensyard both trading well in the Big Apple.
Queensyard is already established as one of the group’s busiest restaurants, prompting it to scour new sites in New York and other US cities.
Chairman and CEO, Des Gunewardena, said the company was worried about the effect Brexit could have on business, especially in the short-term.
“The resolution of the way forward for the UK will have a significant impact on our trading for the crucial pre-Christmas quarter and for the full year,” he stated. “We do however remain positive in the long-term about the UK and will therefore commit to further projects here. However, we are building our overseas business, particularly in the US, in order to make D&D less reliant on the UK for future growth.”
The publication of its latest annual results, for the year to 31 March 2019, reveals that turnover increased 4% on a like-for-like basis and 13% year-on-year to £146m, while EBITDA rose 12% to £12.8m.
The company hailed the “stellar” performance of 20 Stories in Manchester, which “substantially exceeded” revenue expectations during its first full year of trading.
New restaurants are planned in Fenchurch Street, London, and Cabot Circus in Bristol.