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Olive Group to triple casual fine dining restaurants by 2022


Olive Bar and Kitchen, which runs casual fine dining restaurants like the Olive Bistro and SodaBottleOpenerWala, plans to more than triple the number of restaurants to 100 units by March 2022, said a top company executive.

The company currently has 30 restaurants across six to seven cities and 10 brands in different categories. AD Singh, promoter of Olive Bar and Kitchen, said, “We plan to add 60-70 hotels by March 2022 and would be entering new cities.”

He was speaking on the sidelines of the launch of the company’s first microbrewery in India, The Hoppery, which was opened in Hyderabad at Olive Bistro brand hotel of the Olive Group.

Each restaurant of Olive Group entails an investment of nearly Rs 2-3 crore. “Most of the investments on the new properties would be met through internal accruals and partly by bank funding,” said Singh. The company had earlier received $10 million of funding in 2012 from the Aditya Birla Private Equity, part of the Aditya Birla Group, which is now looking to exit and had hired advisory firm EY to find a buyer.

The company, meanwhile has been impacted by Supreme Court’s order of no brewery shops along 500 metres from highway. “Four of our restaurants were impacted. We had planned three in Chennai along the highways which has to be relooked at while the fourth one was at Cyber Hub at Gurgoan which was partially impacted,” said Singh.

Source: Economic Times

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