Still room to expand ‘robust’ Piccolino

THE owner of the Piccolino and Bar & Grill restaurant chains said their performance was “robust” ahead of an annual meeting today.

The listed Individual Restaurant Company (IRC), which operates 34 of the restaurants nationwide, admitted that times were hard for consumer businesses but said the restaurants had “performed well” in the 17 weeks to May 10 and were trading in line with expectations.

The Manchester-based group has already announced a £2m cost-cutting plan to help the business adjust to weaker consumer confidence.

In today’s trading update ahead of the annual meeting the group said cost-saving remained, “an area of considerable focus” for the board.

However, IRC is still committed to opening more restaurants, a plan which it admits will be governed by trading performance and the availability of cash. Future expansion is expected to take place when the economy shows signs of recovery.

“[The restaurants’ trading performance] underlines their significant roll out potential, putting the company in a strong position to take advantage of the first signs of returning consumer confidence,” said the group. 

“The board remains confident of the future prospects for Individual Restaurant Company.”