Steakout eyes Middle East expansion
The casual dining steak house group announced Middle Eastern expansion plans, starting with six restaurants by the end of 2017.
“We have signed a master franchise agreement with an investor and together we are planning to open six Steakout restaurants in Middle East by the end of 2017. We are expecting this deal to increase our turnover by 20 per cent and our profit by 50 per cent. We really believe that steak is the next big thing in casual dining and our sales growth reflects this,” founder Kaysor Ali said.
“Our plan is to do for steak what others in the casual dining sector have done for sushi and gourmet burgers. We have been delighted with record year-end figures, which have shown a 400 per cent sales growth since 2014, returning net profits of 11 per cent in 2015 and estimated revenue of £1.2million for year ending March 2016, which is set to triple by the end of 2017, with the acquisition of the Middle East contract.”
With UK plans for 4 more stores in 2016 and a total of 26 stores by 2020, Steakout, the London-based restaurant group with eight steak houses, has ambitious expansion plans.
“We will be investing in our operations, adding franchise and operational specialists to the team and upgrading our meat cutting facility to support the planned store rollout and grow the franchise capability. We will also be opening an exciting flagship restaurant in Stratford," Ali said.
