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Barclays
Commercial Bank has announced that it is financing the development
of six new restaurants under the Jamie's Italian brand, the first of
these just opened in Oxford. The deal, worth £6 million over the
course of five years, targets the urban casual dining sector, an area
which is expected to see the strongest growth over the next four years.
In
2007 casual dining was the second largest eating-out segment worth
£4.5 billion, only behind pub restaurants (£7.3bn), and
industry research suggests the sector will outgrow all other forms of
dining to grow by 30 per cent by 2012. The Jamie's Italian chain aims
to lead this sector with a focus on authentic, good quality but
affordable food. All pasta will be freshly made on site, bread will
be baked daily and the chicken will be free-range. Prices will start
at around £6.
The
first restaurant has just opened in Oxford and this will be followed
by branches in Kingston, Bath, Cambridge and Brighton.
Bianca
Dexter-Burnell, Relationship Director and Head of the Restaurant
Team at Barclays Commercial Bank said, "This range of new
restaurants combines a strong restaurateur brand with a focus on
value which is essential in current trading. Consumers are becoming
more cost-critical and focussed on getting value from their restaurant.
"Those
that differentiate themselves in terms of format, concept or menu
will capture market share. Jamie's concept is strong and firmly
rooted in consumer trends, with fast, casual dining catering to
busier lifestyles and a focus on organic, fresh ingredients responds
to the growing concern for authentic, naturally sourced food which is
seeing substantial growth."
Dining
out remains popular
Bianca
also commented, "Although consumer spending is coming under
pressure, people are reluctant to give up eating out and research
shows it remains a key priority. The industry is less likely to see a
drop off in the number of people dining out over the next 12 months
but rather a decrease in spending per head and an increase in numbers
choosing the affordable mid-market. "
Expenditure
priorities 2006-08
|
|
2006 |
2007 |
2008 |
% point
change |
|
Taking a major
foreign holiday |
25 |
23 |
23 |
2 |
|
Taking more short breaks |
18 |
22 |
22 |
4 |
|
Home improvement/repair |
24 |
19 |
18 |
6 |
|
Eating & drink out |
17 |
20 |
17 |
- |
|
Buying new clothes and shoes |
19 |
20 |
15 |
-4 |
|
Improving the garden |
15 |
17 |
14 |
1 |
|
Paying off credit card debt |
16 |
14 |
13 |
-3 |
|
Paying off mortgage debt |
10 |
10 |
12 |
2 |
|
Increasing savings & investments |
13 |
12 |
11 |
-2 |
Source:
GfK NOP/Mintel - Restaurants - UK - April 2008 - Competitive Context
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