Friday 08 May 2026 3:57 pm | Updated: Friday 08 May 2026 4:04 pm
Revenue Soars at Evolv Restaurants Despite Hospitality Crisis
By Steve Dinneen, Life & Style Editor
The group behind renowned restaurants including Quaglinos, Coq d’Argent, and Bluebird has seen its earnings surge despite the ongoing challenges facing the hospitality sector. Evolv – formerly known as D&D London – reported a 20% increase in revenue, rising from £126.3 million to £151.6 million year-on-year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also climbed significantly, from £2.6 million to £14.6 million.
It is understood that the company will report a modest loss for the year due to the costs associated with a major restructuring following its acquisition by Calveton and Breal Capital in 2024 for a reported £60 million. Despite this, the company says revenue growth has continued into 2026, with sales up by more than half at both Liverpool Street Chop House and Sartoria Liverpool Street.
After rebranding to Evolv, the group appointed Martin Williams – formerly chief executive of Gaucho – as its new CEO. The company has since embarked on an ambitious expansion plan, opening new sites including Sartoria and Chop House near Liverpool Street, as well as Queens Tavern in New York. The group also hired highly acclaimed chef Miller Prada as group culinary consultant. Miller, who earned a Michelin star at age 33 at his debut restaurant Humo, will oversee the culinary direction across Evolv. His first move after joining in February was to poach Pierre Minotti, executive chef at the two Michelin-starred Alex Dilling at Hotel Café Royal, to take over as executive chef at the newly refurbished Orrery.
Williams commented: “The shared vision of the Breal and Calveton shareholders to return founder Sir Terence Conran’s restaurants back to their former glory is clearly paying dividends and establishes the Evolv Collection as the leading hospitality group in the UK. We are happy with the financial performance of our UK and US venues, which include the Michelin-starred Angler in South Place Hotel, and have further openings in the pipeline on both sides of the Atlantic and beyond. The Evolv Collection’s five-year vision is being executed at pace. We are delighted that 2025 results demonstrate the current and future financial success of the business as we build a globally scalable British hospitality brand, centered on experience-led restaurants that combine design, elevated menus, heightened hospitality, and vibrant social atmospheres, which have global appeal.”
Evolv’s acquisition by Calveton and Breal Capital followed a turbulent period for D&D, with former boss Des Gunewardena leaving the company in 2022 after 18 years at the helm. David Loewi – the other “D” in D&D – followed him at the end of 2024.
