Glendola aims to double in five years

Glendola Leisure, the managed operator of bars, clubs and restaurants, would like to double its £24m-per-year turnover within five years.

The company has negotiated a new £20m debt facility with its bank Allied Irish to allow it to acquire and open new venues.

Managing director Alex Salussolia said: "We are going to try to double our size and turnover as a group.

"We will be looking to redress the company's balance by having more dry-led businesses. But part of the strategy will involve looking for new sites for Waxy O'Connor and developing Waxy's Little Sister (the brand's sister concept that is a single site in Soho) in airport locations."

Last week, the MA reported that Glendola had bought its first site, the Watermark in Portsmouth, a stylish waterside bar and restaurant.

Salussolia indicated that Glendola, which has grown to 19 sites on an organic basis, would now consider buying small groups of sites.

The ambitious expansion strategy is a change of tack for Glendola, which had indicated that it planned to wait for the shake-out from the smoking ban before opening many more sites.

"We want to get ahead of the shake-up," said Salussolia.

Turnover at Glendola has risen from £19m to £24m in Salussolia's seven years as managing director.

Its most recent financial year finished at the end of March and is expected to see record results.

Salussolia said January and February, normally quiet months, were the strongest he could remember.

Waxy O'Connor, one of the UK's oldest Irish brands, which operates in London, Birmingham, Glasgow and Manchester, has seen sales growth in the most recent year. "It has benefited as a brand from lack of over-exposure," said Salussolia.