It’s true, independents cannot match the
strength of brand of the ‘big name chefs’
or the corporate operators, but they do
have many potential qualities that cannot be
equalled by their peers.
Independent restaurants can provide the
personal touches that brands cannot provide,
and it is on this that they should focus. They
can also deliver fine food (but not fine-dining)
at a price that is affordable to a greater
number of people. And with the personal touch
comes the propensity for repeat business.
The other element that’s likely to favour
independent restaurants is their locality. There
were indications in 2011 that ‘neighbourhood’
restaurants were making a return to favour.
In addition to the personal service they were
able to offer, they had the added advantage
of being in the location that their customers
increasingly demanded.
With the purse strings tightened, many
consumers ditched the trip to the edge-of-
town and out-of-town restaurant in favour of
the ‘restaurant down the road’. Even where
the restaurant chains offered voucher deals,
the travelling cost increasingly made the
offer redundant.
It is likely, in a market that is still liable
to suffer in the face of the poor economic
climate, that 2012 will see yet more local
restaurants springing up.
Generally, as costs go up, revenues decline and
margins tighten, 2012 is likely to see a more
diverse restaurant sector, with an increasing
number of smaller players competing for a
share of a still-tightening purse.
The very nature of this will see winners
and losers – and we may witness more
administrations in 2012 – but with
competition fierce, the biggest winner is
likely to be the diner.
Christie + Co was instructed to sell
three bar/restaurants in the south of
England by The Restaurant Group.
The three restaurants occupied prime
locations — in Shepperton (Bar &
Grill pictured above), Guildford and
Fareham — in characterful properties.
High quality opportunities were a rare
commodity in the restaurant market
in 2011.
The Restaurant Group
The Restaurant Group also instructed
Christie + Co to find suitable ‘character
properties’ to expand its Brunning &
Price pub/restaurant business. The first
find was The Little Manor in Thelwall,
Cheshire. Originally built in 1642 for
a General in Oliver Cromwell’s army,
The Little Manor retains much of the
original character – one of the distinct
requirements of Brunning & Price.
It was sold by Punch Taverns at its
asking price.
Brunning & Price
Case Studies
Late in 2011 Christie + Co was
instructed to market 19 sites of the
roadside restaurant chain Little Chef
to let. Little Chef is conducting a
review of its estate and has identified
a number of sites it is seeking to let.
Those available include eight closed
Little Chefs and 11 former Burger King
restaurants in locations on which Little
Chef continues to trade.
Little Chef
Acting on behalf of administrators
Begbies Traynor, Christie + Co marketed
for sale nine restaurants and bars
operated by Principle Leisure Group –
consisting of eight leaseholds and one
freehold. The nine sites in Nottingham,
Sheffield and the North-East of England
were in either prime city centre locations
or highly-desirable provincial residential
areas. Amongst those sold were a
package of restaurants, including Popolo
in Sheffield (above) to former Principle
Leisure Managing Director Stuart Young.
Principle Leisure
30
Business Outlook
2012
