Grand Union reports revenue up as it prepares new concept

Grand Union Farringdon

Grand Union has reported strong growth in revenue at its bars as it prepares to open new concept Trade Union.

With eight bars across London, the group enjoyed a 11.4% increase in revenue to £8.1m for the year to March 26, 2016. This has translated into a 21% rise in earnings (EBITDA) to £1.5m.

All its sites showed “strong” like-for-like growth over the 12 months. Pictured above is its Grand Union bar in Farringdon.

Trading for the first few weeks of the new financial year is encouraging and the business is expected to make further sales and profit progress this year.

Celebrating its 10th birthday this year, the company is about to open Trade Union in a 6,300 sq ft site in Thomas More Square in Wapping, east London, in late June.

It will not only be a bar and restaurant but feature other trades including an artisan coffee house, a florist and a barber shop. It will also offer a free workspace environment for daytime use.

The partners will be florist Maua London, barber shop Drakes of London and coffee shop specialist Vagabond.

The company attributed its success to creating “a strong platform for growth through improvements in the customer offering, investment in team development and a focus on operating margins”. With strong trading and cash generation, it is actively assessing opportunities for expansion.

CEO and co-founder Adam Marshall said: “As Grand Union moves into its 10th year, I am happy to report continued growth for the company. The last year has shown the positive results of our various business initiatives, such as enhancing our outdoor spaces, developing our drink and food offerings, and investing in our people.

“Our customers have responded positively, and we are confident of future opportunities to improve trading performance and growth potential.

“I am excited about the development of our Trade Union concept. We have taken inspiration from a variety of venues with the ambition of creating a blended experience for our customers in partnership with industry masters who share our passion for hospitality and customer service.”

Chairman Luke Johnson, who has been an investor in the business since 2013, added: “The growth of the company over the last year has been very pleasing. Grand Union has a solid and improving business, which provides an excellent platform on which to build.

“The company has demonstrated that their offering has real resonance with existing customers and can attract new patrons. Adam’s Trade Union concept is a new avenue about which we are all very excited. It retains some important elements of the existing brand and brings a new concept through strategic partners. We believe this could be a transformative step for the business.”

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