Gusto Italian to expand South amid ‘resilient’ trading
Existing sites, including Liverpool and Cookridge in Leeds, have undergone a ‘significant’ renovation, with a full refurbishment also scheduled at Edinburgh
Gusto Italian, the premium casual dining restaurant group, has announced it is looking to grow its estate and expand further South over the coming year.
The announcement comes as the company revealed its turnover hit £12.4m in the full year ending September 2021 and an EBITDA of £585,000, which the board has regarded as “extremely positive”.
These new sites build on the launch of Gusto Italian’s Nottingham restaurant in December 2021, which serves as the basis for design concepts for the group which will run through new locations and newly refurbished venues.
As part of a self-funded £2m CAPEX programme, existing sites, including Liverpool and Cookridge in Leeds, have undergone a “significant” renovation, with a full refurbishment also scheduled at Edinburgh.
Three design icons will feature in as many refurbished sites as possible, with Pizza Experience, Theatre Kitchen, and Dine Under the Olive Trees all helping to deliver an immersive dining experience evocative of the Amalfi Coast.
The trading period was “significantly” hampered by Covid-19 enforced closures and trading restrictions. Since restriction lifted, Gusto Italian has changed its focus away from guest facing discounting towards customer loyalty through its Gusto Gold Rewards programme.
This has resulted in customer feedback scores that have reached “record” levels with an average Net Promoter Score in the high 80s, compared to an industry average of 55.
Additionally, Gusto Italian has also been investing in its people. In April, the company announced a new partnership with PayCaptain to strengthen its employee proposition and promote financial awareness and wellbeing for its people.
The company has also launched an apprenticeship scheme, which will enable junior managers to achieve a degree-level qualification, in a bid to bridge the skills gap and improve pathways for progression within the business.
Matt Snell, CEO of Gusto Italian, said: “With a year-end cash position of £5.5m, a strong balance sheet and a supportive shareholder in Palatine Private Equity, Gusto Italian has the resources to continue growing in the future.
“Considering that the year under review included two full lockdowns, the implementation of a regional tiering system, partial re-openings and also periods of time when only outdoor trading was allowed, these financial results present a remarkably robust performance.”