Trotter Primm, the company controlled by businessman Dragos Petrescu and parent company of the City Grill restaurant chain and the City Cafe coffee shop chain has successfully added the famed Caru' cu bere brand to its portfolio after three years.
"We wanted to acquire the restaurant because we are confident it can regain its position among the top three restaurants in the historical centre of Bucharest," stated Dragos Petrescu, CEO and majority shareholder of the chain. The restaurant, located in the Lipscani area, re-entered the market at the beginning of October, following a 1.5 million-euro investment. It is one of the oldest such places in the capital, originally opened in 1892.
Petrescu estimates Caru' cu bere will account for 30% of the group's business and will contribute 2.5-3 million euros to the whole group's turnover. "The company's consolidated budget ten months into the year stands at 4.5 million euros. By the end of the year we expect turnover to reach 5.5 million euros, to which the opening of a new City Grill restaurant in Constanta will also contribute," says Petrescu. Petrescu plans to make permanent investments in Caru' cu bere. "We will build a beer museum in the semi-basement of the restaurant, for which I will bring a collection of objects from the inter-war period and a collection of pint glasses," he says. Petrescu is also interested in making further investments in the historical centre of the Capital, planning to take over another location.
"We are planning to use Caru' cu bere to promote events for companies, such as organising strategy meetings, council meetings, even giving companies the possibility to celebrate company anniversaries or Christmas parties. Our investment in the restaurant has consisted of updating the audio and IT system to a European level," said Petrescu. The investment in this restaurant has enabled the City Grill manager to become co-owner of the establishment.
"We have concluded a long-term partnership with the owners of the restaurant. Currently, Mircea Nicolae, representative of the owners, owns 33% in the company," says Petrescu.
The company's profit saw a 16.2% increase against last year, exceeding the 15.5% average projected for this year.
"We have managed to achieve an increase in profit by tightly controlling the price of raw materials," said Petrescu. City Grill now works with Romanian suppliers, but Petrescu says that, after 2007, they will also begin to acquire their stock from other European countries.
"After 2007, food costs will be lower, the Romanian market will become deregulated and will be included in the European market. We have already contacted a series of suppliers in Austria and France, and we will have the possibility to purchase goods from Europe at a lower price," Petrescu says.
City Grill
Caru' cu bere will account for 30% of the group's business and will contribute 2.5-3 million euros to the group's turnover.
The company's consolidated budget ten months into the year stands at 4.5 million euros; turnover is expected to reach 5.5 million euros in 2006, to which the opening of a new City Grill restaurant in Constanta will also contribute
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