R&C Union to search only for prime locations

2009-09-18



R&C Union, the operator of the Fenix and Sioux restaurants, in addition to the Lizard King and Fever music clubs, expects to speed up its development by using money invested by Enterprise Investors, an investment fund which has recently acquired newly issued shares worth PLN 10m (€2.4m), according to Parkiet. The company is planning to open another establishment in October 2009. The company’s management emphasises that it is searching only for prime locations.
According to Piotr Mikolajczyk, the chairman of R&C Union, quoted in the newspaper, the second half of 2009 could be difficult for the restaurant industry in Poland because of the crisis. The situation is not likely to improve before 2010.
In the first half of 2009 the operator earned sales revenues of PLN 8m (€1.9m), reflecting a 33% year-on-year increase, whereas its net profit came to PLN 25,000 (€6,000), in contrast to PLN 0.8m (€0.2m) during the corresponding period of last year.