After announcing in April this year that restaurant group 3Sixty was to be put on the market, it has now been revealed that the potential sale of the business has now been terminated.
Operating brands Ego and Rocket, 3Sixty said the offers ‘did not reflect current performance’ and they will therefore now focus on expansion after a positive year. Turnover stood at £13,372,670 and profit before tax was £2,374,706 in the year ended March 2013. For the six months trading to the end of September 2013, like-for-like sales across both brands were ahead of last year by 12%.
Chief executive James Horler, a shareholder in the company said “We have had a very strong start to the year, particularly with the Ego brand. Our development in quality, value, social media and people is now paying dividends and we are seeing strong demand. Ego now has more than 30,000 Twitter followers and 80,000 Ego Club members, which for eight restaurants makes it one of the country’s leading brands.
'There are many opportunities for expansion, across the UK for both brands and we have a strong balance sheet with significant net cash resources which enables us to do so without raising equity or bank debt.
'Adrian Abbey and I have worked together for many years and I am delighted that he will now take a more active role across the group.”
Chairman Luke Johnson, the majority shareholder of 3Sixty added: “The business is in a good position from which to expand and Adrian will bring depth and experience in order to achieve that.”
The company has also announced the immediate appointment of Adrian Abbey as chief operating operating officer.
There are now eight Ego restaurant in the Midlands and North West of England and four Rocket restaurants in Central London and Nottingham.