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Parent company of The Wolseley restaurant posts record profit growth
The owner of London restaurant The Wolseley, Minor International (Mint), posted a strong set of results earlier this month which included record net profit of 43 per cent.
A return to high demand in both global travel and the strength of the hospitality sector drove results for the Thai-based group, who own a series of brands in hotels and restaurants.
Mint bought the group which owned The Wolseley in an auction in 2022, adding the famous eatery to its listings.
The parent company has two sides to the business, with restaurants and food sales locally seeing eight and 12 per cent increases in Thailand and Singapore respectively. On the hospitality side, Mint detailed 'strong momentum' of their hotels, with Spain their strongest performing region followed by central Europe, Benelux and Italy.
Mint added 30 new hotels in 2024, comprising over 3,000 rooms to their roster, and say they are targeting between six and eight per cent CAGR between 2024 and 2027, along with a global portfolio expansion to 850 hotels and 4,000 restaurants by the latter year.
Group CEO Dillip Rajakarier explained the company sought to continue their growth momentum, saying, 'Mint's record performance underscores the strength of our business model and strategic execution.
'With a significantly stronger balance sheet, we are well-positioned to accelerate growth in 2025 and beyond. We will continue to capitalise on global tourism trends, expand our asset-light model and drive innovation across our hospitality and restaurant businesses.
'Our focus remains on delivering sustained profitability and maximizing long-term shareholder value as we scale our global footprint.'
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