Sixco, the Glasgow-based group behind the Six by Nico restaurants, has posted improved turnover and profits, together with ambitious growth plans.
It recorded turnover of £30.8m for the year to June 2022, versus £18.1m for the prior 15-month period to June 2021.
Operating profits from continuing operations jumped to £4.4m, against a loss of £600,000 during the pandemic-hit previous period. Earnings before tax came in at £5m, compared to a loss of £100,000 during the prior 15 months.
During the year to June, the group invested £3.9m, opening new Six by Nico sites in Canary Wharf (August 2021), Dublin (November 2021) and Aberdeen (April 2022), as well as Tan&ns (September 2021), a wine importer that supplies all its ‘wet’ requirements.
An £11.5m funding facility was also agreed with alternative lender ThinCats to support Sixco’s expansion strategy.
Chief executive and founder Nico Simeone confirmed four new UK Six by Nico openings, as well as new bar and bakery ventures in the first half of 2023.
In addition, the group is drawing up plans for international expansion, with potential for a new venture in Dubai towards the end of this year.
“While Covid was a huge challenge, we’ve bounced back very strongly, thanks to our amazingly loyal customer base who stayed with us through the lockdowns and have returned to our restaurants in phenomenal numbers.
“That’s down to our dedicated and hard-working team who have been absolutely brilliant - delivering consistent creativity and fun experiences day-in, day-out,” stated Simeone.
Sixco chair Rob Wirszycz said: “Nico’s genius in coming up with the concept of fixed-price, six-course tasting menus that change every six weeks has struck a resounding chord with the dining public.
“Crucially, thanks to our core strategy of building customer loyalty, we emerged strongly from the pandemic and now have a fast-expanding database of more than 550,000 engaged and active customers, all literally hungry for the experiences we deliver.
“Our headcount has expanded to over 500 colleagues, despite the well-known challenges the industry has faced in recruitment and retention, and our employee benefits are highly competitive.
“The plans we have developed to extend our network and broaden our offering in the UK and overseas are enormously exciting,“ he continued, adding: “We’ve done our homework and are confident we’ll continue to deliver on our ethos of bringing incredible value for money and great food and drink experiences, that we believe gives us a level of resilience at a tough time for the sector more generally.”
The group's restaurants serve more than 10,000 diners per week, across 13 sites: Glasgow Southside; Glasgow Finnieston; Edinburgh; Aberdeen; Belfast; Dublin; Manchester; London Fitzrovia; London Canary Wharf; and Liverpool.
It also runs the Beat6 charity restaurant, ChateauX and 111 by Modou; all in Glasgow.
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