Pho owners consider sale ahead of expansion plans
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The private equity owners of vietnamese restaurant chain Pho are reportedly mulling over a potential sale of the business.
According to the Sunday Telegraph, Gresham House, which acquired the chain from Livingbridge in 2018, is considering offloading the business before it embarks on a plan to increase its store state.
The chain originally opened in 2005 in Clerkenwell and now operates a portfolio of 29 stores in London, Manchester. Liverpool, Bristol Oxford and Birmingham.
In its latest results for the full year ending 24 February 2019, the chain posted a 13% increase in turnover to £34m with like-for-like sales ahead of the market at 5.4%. However the company also reported a 13% fall in pre-tax earnings to £2m.
At the time the restaurant chain said: “Unlike many in the sector, Pho has adopted a steady growth plan which means the company is in a very healthy position, with a profitable portfolio and no onerous leases.”
