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Drinks for higher profits Fine dining has always been a big financial bet. With the very high fixed costs of labor and food, deciding whether to achieve a rate of return of 3% or 5% is a whimsical wind of public opinion. But can a group like McDonald’s combine restaurants to achieve a high-end economies of scale? Back in the last half century of COVID-19, Quadrant Private Equity spent a lot of cash finding it.
In 2016, Quadrant-backed Urban Purveyor Group paid NeilPerry’s Rockpool Group about $ 60 million. This group included some of the best restaurants in the country, including Rockpool Bar and Grill, Spice Temple and Rosetta. Urban has combined these “premium” properties with a group of more casual venues into a new entity, the Rockpool Dining Group (RDG). The result was 50 venues, 3,000 staff, and approximately $ 350 million in revenue.
The following year, RDG boss Thomas Pash said, “A $ 1 billion IPO was a realistic goal within the next three years.” However, after COVID, these plans were put on hold, and this week RDG announced a restructuring, splitting the business into two parts, “premium” and “casual.”
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