M Restaurants founder Martin Williams has criticized “dated and rightly dying” chains as he reports 19% growth across his group, and contrasted them to the success of “highest quality at accessible price points” provided by his individual restaurants.
Profits increased seven times to the year ending December 2017, group sales grew by 19% – to exceed £6m – with his existing, multi-faceted Threadneedle Street and Victoria Street London venues both enjoying consistent growth and increased profits. The new M Bar & Grill concept launched in Twickenham to an encouraging reception; with at least one more opening planned for 2018.
“M Restaurants is a rare good news story in an industry blighted by a saturated market, a devalued pound, increased labour costs and up to 50% rates increases,” Williams commented. “Our success contrasts with chain restaurants even the best of which give a mediocre offering in a soulless environment and are all too often being found out as poor value for money, devoid of personality and quality.
Guests at M have rightly grown to expect and appreciate a heightened experience offering finest quality produce perfectly prepared and served with a true spirit of welcome and hospitality. In contrast chain restaurants – whether a private members set up, steak restaurants or a pizza or burger group – are rightly struggling. M’s results show that diners appreciate quality at an accessible price point and are discovering a new standard in drinking and dining,” said Williams.
M Restaurants is backed by both prominent business leaders and legendary sporting stars. The company has released these astonishing end of year results that dramatically buck the trend of restaurant organisations such as Cote, Prezzo and Jamie Oliver which have announced administration, closures and job losses in the past weeks.