Restamax becomes NoHo Partners – New initiatives in Northern Europe and target turnover of over MEUR 600
Media release 27 November 2018
Restamax Plc is changing its name to NoHo Partners Plc. ‘NoHo Partners’ comes from the words ‘Nordic Hospitality Partners’, which better communicates the company’s strengths and identity. The company has also updated its strategy and medium-term goals, and is aiming for a turnover of over MEUR 600 by the end of 2021.
The past year has been a time of great changes for Restamax: it has expanded its operations to Denmark and integrated with Royal Ravintolat, a company known for its quality restaurants, thereby also establishing a strong market position in the Helsinki Metropolitan Area. The vision is to be the most significant restaurant company in Northern Europe, which has also partly dictated Restamax’s need to reinvent its identity.
According to Aku Vikström, CEO of NoHo Partners, the name change marks the beginning of a new era in the inspiring story of two companies.
“Our new name, NoHo Partners, indicates the core of our operations. ‘Nordic’ refers to our future growth market as well as to Nordic quality, which is appreciated and attractive worldwide. ‘Hospitality’ reflects our desire to expand beyond conventional restaurant operations. ‘Partners’, or the partner model, is the cornerstone of our operations and our key competitive advantage. We want to be an attractive partner for ambitious professionals.”
In the next few years, NoHo Partners aims to grow internationally as well as expand its operations to, for example, large events and new digital sales channels.
“Digitality will play a major role in our new strategy. We believe that the ongoing change will open a lot of opportunities for strong and innovative players,” says Vikström.
Successful Finnish concepts for Copenhagen and Berlin
In future, NoHo Partners will build its growth in Northern Europe. According to Juha Helminen, Director of International Operations at NoHo Partners, the company sees huge future growth potential in the Northern European market.
“It is a growing and fragmented market worth EUR 100 billion, where the utilisation rate of restaurant services per person is quite high compared to Finland.”
In spring 2019, the company will open Yes Yes Yes restaurants in Copenhagen and Berlin in cooperation with Ville Relander, Richard McCormick and Alex Nieminen. In Germany, NoHo Partners will establish a new company in cooperation with the owners of the Michelin-starred vegetarian restaurant Cookies Cream.
The company’s restaurants in Copenhagen under Cock’s & Cows and The Bird concepts will be joined by three well-known cocktail bars thanks to a corporate acquisition, including Ruby, which has become a phenomenon in Copenhagen. NoHo Partners will also open a Pizzeria Luca, which has been recognised as the best pizza restaurant in the Nordic countries, in Copenhagen.
“The central idea of NoHo Partners is based on entrepreneurial passion and activity. The local knowledge, insight and experience of our partners will continue to play a key role both in Finland and abroad,” says Vikström.
Towards a target turnover of over MEUR 600
The cornerstones of the new strategy of NoHo Partners are profitable growth in Finnish growth centres and large events organically, through new establishments and corporate acquisitions as well as digitally, international expansion to the Northern European market using the partner model as well as profitable growth in labour hire services organically and through corporate acquisitions. The Group will endeavour to increase dividend payments every year.
NoHo Partners aims to achieve a turnover of over MEUR 600 and a profit margin of approximately 7.5 per cent by the end of 2021. The restaurant segment aims to achieve a turnover of approximately MEUR 350 and a profit margin of approximately 8 per cent. The target for the labour hire segment is a turnover of approximately MEUR 300 and a profit margin of approximately 6.5 per cent. The Group will update the estimate for the financial period on an annual basis in conjunction with the result release for the fourth quarter.
The company’s new website has been opened at the address: www.noho.fi
Aku Vikström, CEO, NoHo Partners, tel. +358 44 011 1989
Juha Helminen, Director of International Operations, NoHo Partners, tel. +358 40 535 5560
Restamax Plc is a Finnish group established in 1996, specialising in restaurant services and labour hire. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 220 restaurants, nightclubs and entertainment centres all over Finland. The company also has restaurant business operations in Denmark. In June 2018, the company purchased Royal Ravintolat. Well-known restaurant concepts of the Group include Stefan’s Steakhouse, Viihdemaailma Ilona, Classic American Diner, Hanko Sushi, Sandro, Savoy and Teatteri. In 2017, Restamax Plc’s turnover was MEUR 185.9 and EBITDA MEUR 22.4. Depending on the season, the Group employs approximately 4,000 people converted into full-time workers. Restamax’s subsidiary Smile Henkilöstöpalvelut Oyj employs approximately 10,000 people during the 2018 financial period. Restamax is changing its name to NoHo Partners Plc to better reflect its future goals and opportunities. The name change will enter into force in December 2018.
Restamax corporate website: www.noho.fi
Restamax consumer website: www.ravintola.fi
Royal Ravintolat: www.royalravintolat.fi
Smile Henkilöstöpalvelut: www.smilepalvelut.fi