Geronimo to open retro-themed pub
London pub group Geronimo Inns, which operates 14 awardwinning and Michelin-rated pubs across the capital, is to open a retro-themed outlet in Heathrow airport's terminal one.
The prime 4,100sq ft site will be named the Tin Goose and will be themed around travel of the 1930s and '40s.
In 1927, Ford Motor Com-pany produced the Ford Trimotor, one of the first all-metal airplanes it was often referred to as the "Tin Goose". It was the first plane created to carry passengers and had a seating capacity of 12. As the name indicates, the aeroplane had three engines, which allowed it to fly higher and faster than other aeroplanes of the same time period.
Development and design costs for the Tin Goose are anticipated to be £900,000. Funding for the project has come from a split of new equity and bank debt.
Geronimo Inns' turnover for the year ending 30 June this year is projected to be £8.2m.
The airport site and organic growth mean turnover next year is expected to be £11.5m rising to £20m for 2008.
Geronimo's strategy is to grow organically and develop its leasehold estate with the addition of two pubs per annum; to acquire further airport and concession sites, while at the same time securing management contracts with central-London property companies. Geronimo currently operates three pubs for Tomahawk, a small EIS pub company, founded in 2002.
Geronimo's profit target is 10% net before tax by 2006. There are no current plans for flotation other than the pos-sibility of an AIM listing in three years.
Rupert and Joanna Clevely are a husband-and-wife team and retain a controlling share of Geronimo Inns. The remaining shareholding is held by Caledon-ian South, Geronimo Inns operations director Ed Turner, and four individuals.
