Bennigan’s expect to surpass turnover predictions by 50%
Dubliner Michael Ryder and Meathman Tom Coleman own the franchise for Bennigan’s restaurants for the island of Ireland and are pleased with the return on their €1.5m investment in the first and flagship restaurant at Mahon Point. The next outlet will be in the Dundrum Shopping Centre.
“It is going very well, far better that we expected. We had targeted turnover of €2m in year-one but it now looks as if it will hit 3m and that’s before the cinema complex opens in March,” said Mr Ryder.
Mr Ryder and Mr Coleman are former holder’s of McDonald’s franchises in Dublin and Wicklow who sold out to other franchise holders to pool their resources to take on the Bennigan’s franchise.
“The plan is to open up to 20 restaurants over the next five years using a combination of equity and bank borrowing. We will probably take on the first three or so ourselves to get the brand on a solid footing before taking on franchisees,” said Mr Ryder.
Bennigan’s, one of America’s leading casual dining chains, markets its Irishness serving more than 160 million customers each year in 500 units in the US and over 1,300 units worldwide with restaurants in Greece, Turkey, Korea, the Middle East and South America. In contrast, Bennigan’s will focus on its American roots in Ireland. In 2006 they plan to open in key locations around Ireland, including Swords, Belfast, Newbridge as well as looking at secondary outlets in Cork. “Here in Ireland, the concept will be adapted to highlight the American links and the ‘themes’ of each Irish restaurant will reflect that. The menu includes a range of steaks, rib, burgers, chicken and pork dishes as well as sandwiches, soups, fries and a spectacular range of desserts,” explained Mr Ryder.
Bennigan’s is part of the MetroMedia Group (MRG) which is one of the largest privately owned companies in the US.
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