Permanently Unique to bring Fenix and Louis restaurants to London
The group, which also owns upmarket Chinese restaurant brand Tattu, is currently in negotiations on a London site for Fenix, and has ‘a landmark London location’ in development for Louis that’s expected to launch next summer.
It comes as the Manchester-based operator revealed in a financial update covering the year ended 31 December 2023 that is has secured a new £15m revolving credit facility with long standing banking partner NatWest to fund future expansion.
In addition to new London locations for both Fenix and Louis, it will open and operate its first international location next year, with Tattu due to debut in Dubai in summer 2025.
The business described the 2023 as a year focused on ‘building solid foundations’ that will pave the way for a period of accelerated growth.
During the trading year, the group saw existing site revenues rise 10% to £29m, with site EBITDA up 11% to £7.5m.
The strong performance came despite the impact of inflationary pressures including challenges around energy costs in the marketplace.
At a group level, underlying company EBITDA rose 14.9% to £5.4m over the period, delivering gross margin growth and an increase in EBITDA conversion.
Fenix opened its first site in Manchester’s St. John development in late November 2023 and made a ‘strong initial contribution’ to the 2023 group performance.
“This was an important year for the business with a key focus on laying the foundations for our next stage of expansion,” says Adam Jones, Permanently Unique co-founder and chairman.
“Our energy was targeted at providing an environment of growth and development for our teams, whilst working closely with our supply chain to drive strong margins through efficiency.”
In the current year, Permanently Unique says it has seen its revenue and profit performance continue to climb, with revenues expected to reach close to £40m and site EBITDA projected to grow by over 30% to more than £10m.
The group launched its first Louis restaurant in Hardman Square in Spinningfields, Manchester, last month and says it has been ‘incredibly well received’.
