Chorion plans ahead after profit growth
Chorion set to open an extra five Tiger Tiger sites in the next year
Chorion is close to securing five more sites for its successful Tiger Tiger format in addition to the three openings it has planned over the next 12 months.
The news of the expansion came as the group reported a 31 per cent increase in pre-tax profits to £3.2m and a rise in turnover of 62 per cent to £20.8m for the six months to the end of June.
Announcing the figures, Chorion's chief executive Nick Tamblyn, said: "We're absolutely delighted with the results."
The group also outlined plans to split its bars and nightclubs division from its intellectual property arm.
Mr Tamblyn said: "Our bars are very strong and this split will give them a chance to grow. We'll be contacting shareholders in February or March to go ahead with the plan."
Such is the strength of the bars division that it contributed £3.4m to the total group's pre-tax profits, compared with intellectual property, which added £1.5m.
On this solid platform the company is not only rolling out Tiger Tiger bars to Leeds, Croydon and Newcastle but is also hopeful of opening its first overseas outlet, in Dublin.
Chorion, which now owns 16 bars and nightclubs, has also continued to expand its portfolio with the purchase of Reef, Red Cube and Sway in central London and the planned opening of Babble in Berkeley Square in October, to further stamp its authority in the Capital.
The company has been involved in a lengthy battle with Westminster Council in an attempt to secure a 3am licence for its club Loop, in London's Hanover Square, that it bought last year.
When the sale went through, part of the site was already licensed but the premises next door, which Chorion also acquired, were not and so it had to apply for a new public entertainment licence to 3am - which the council refused, setting a terminal hour of 1am.
Chorion appealed to the magistrates court, which granted a 3am licence, but Westminster appealed to the crown court, which again cut the terminal hour to 1am. Chorion then appealed to the high court, which ruled in its favour.
Mr Tamblyn said: "We have confirmed our position with Westminster Council. We had our 3am licence reinstated and Westminster has reviewed its policy so we have withdrawn the judicial review, although we are still taking it to court for costs."
