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Hermes Pacific Investments (HPAC)

Share Price:
60.00p
Change Today:
0.000p
Market Cap:
£1.40m

Tough trading hits Indian Restaurants expansion plans

28 Mar 11

LONDON (ShareCast) - Indian Restaurants Group’s ambition to set up Britain’s first nationwide chain of Indian restaurants has been put on hold after it failed to secure acquisitions as a platform for expansion.

The company, which operates the tiny Mela chain in and around London, said revenues for the period totalled £2.54m against £2.47m the previous year.

Pre-tax losses narrowed to £345,000 from £679,000, though, after a focus on cost control.

“Over the past six months we have been actively working closely with our shareholders with respect to evaluating alternative options to increase the scale of the operations, in particular with the emphasis of scaling the business through acquisitions,” the company said.

“Despite our best efforts we have been unable to achieve this objective and hence in consultation with our shareholders it has been decided to conduct a review of our operations.”

Trading at the company’s two West End restaurants has been “adequate”, but the restaurant in Redhill in Surrey has been trading below expectations.

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Market Data

Currency UK Pounds
Price 60.00p
Change Today 0.000p
52 Week High 70.00p
52 Week Low 57.50p
Volume 0
Shares Issued 2.33m
Market Cap £1.40m

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