Rossopomodoro Continues Expansion with New London Site
May 11, 2012
Rossopomodoro, the Italian restaurant chain backed by Change Capital, has secured its fifth UK site on Rufus Street, near Londons Hoxton Square. Davis Coffer Lyons advised the private landlord and Richard Susskind advised Rossopomodoro on the deal.
The group, which operates circa 110 sites in Italy, has taken approx 1500 sq ft at the former Hoxton Furnace Pizzeria as part of its plans to ramp up expansion plan in the UK, where it intends to open up to 30 new sites by the end of 2014.
A rent of £80,000 per annum exclusive was secured for the ground floor and basement unit close to Old Street, London N1, on a new 20 year lease.
Led in the UK by Handley Amos, Rossopomodoro has also recently secured sites in Jamestown Road, Camden, and at the Southside shopping centre development in Wandsworth, alongside existing restaurants in Chelsea, Covent Garden and Notting Hill, and a site in the food hall of Selfridges in Birmingham. Rossopomodoro has recently opened its third site in the US.
Jonathan Moradoff, Associate Director at Davis Coffer Lyons, said: With economic issues in Italy at the moment compared to the comparative buoyancy of the London restaurant market, it is unsurprising that Rossopomodoro has chosen to accelerate its expansion here. We are finding there is more and more demand at the moment in the capital from Italian-based restaurant chains, who are looking for sites in key London areas in which to grow their brand. Hoxton Square remains one of Londons most fashionable destinations for restaurant and bar operators, awash with independent operators and chains such as Byron, who has already recently joined the eclectic mix of eatieries on offer here.