Ping Pong to dispose of remaining shopping centre restaurants

02-May-2019 - Last updated on 27-Apr-2021 at 12:19 GMT

Dim sum chain Ping Pong is looking to close its two remaining restaurants in London shopping centres as it says they are not 'suited' to the brand.

The group has instructed property specialist Davis Coffer Lyons to dispose of the leasehold interest in its sites at Wembley Designer Outlet Village and Westfield London in Shepherd’s Bush.

Both restaurants will remain open until a buyer is found for the lease.

Ping Pong, which also closed a restaurant at Westfield’s Stratford shopping centre in 2017, will be left with six London sites.

“The company has taken the decision to exit these two sites as they do not meet their current returns on capital required,” says Rob Meadows, executive director at Davis Coffer Lyons.

“Both sites are more suited to significant daytime trading which is not the core of the Ping Pong offering."

Ping Pong was founded in London’s Soho in 2004 by former Nobu director Kurt Zdesar, who left the business in 2007.

The group has fallen further in to the red since 2016. Pre-tax losses hit £755,025 in the 53 weeks to 1 April 2018, an increase of £43,635 on the previous year.

Turnover remained flat at £16.8m, though EBITDA fell from £1.567m to £1.413m, according to accounts filed at Companies House.