Restaurant Magnate Sounds Alarm on Youth Unemployment Crisis
David Page, the chief executive of London-listed restaurant group Bow Street, has raised serious concerns about the growing youth joblessness problem in the United Kingdom while simultaneously outlining ambitious takeover plans for his expanding hospitality empire.
From Pizza Express to Bow Street Leadership
The seasoned restaurant veteran, who previously led Pizza Express and played instrumental roles in expanding Franco Manca and Gourmet Burger Kitchen, now helms Bow Street following its rebranding from Tasty last year. Page has brought longtime business partner Nick Wong on board as chief financial officer to support the company's transformation efforts.
"I started washing dishes in a restaurant when I was a student, and I could have walked into any restaurant and got a job," Page told City AM. "That's probably not the case now."
The restaurant tycoon expressed particular concern about the nearly one million young people currently not in employment, education, or training across the UK. While Bow Street maintains a long-serving workforce, Page emphasized his commitment to bringing in young, early-career workers as part of the company's comprehensive revamp strategy.
Ambitious Acquisition Strategy Unveiled
Despite Bow Street slipping to a £9 million pre-tax loss in the financial year ending December - a significant reversal from the £16 million profit recorded the previous year - Page remains optimistic about the company's prospects. Revenue declined by 15 percent to £31 million during the same period.
The restaurant group is actively engaged in takeover discussions with multiple hospitality businesses, aiming to expand its presence after closing 16 underperforming locations in 2024. Page revealed that Bow Street has signed non-disclosure agreements with three or four potential acquisition targets in recent months and is targeting between four and six takeover deals over the next three years.
"We're looking at any cuisine really," Page explained about his acquisition criteria. "We want to own restaurants that we are proud to say that we own when we meet our friends. If we like it, then the customer is going to like it."
Strategic Focus and Financial Performance
Bow Street's acquisition targets specifically include Asian quick-service businesses, with Page expressing particular enthusiasm for this segment. His ideal acquisition candidates are restaurants offering meals priced between £10 and £25 per person, currently operating three to eight locations with potential for expansion up to 40 sites.
The company's new menus and estate investments are strategically designed to mitigate the impact of recent minimum wage increases and higher business rate bills that took effect this month. Page has personally visited every restaurant under the group's management since his appointment and is implementing new menus across the Wildwood locations.
Despite the annual loss, Bow Street reported encouraging like-for-like sales growth of 6.1 percent in March. The company's shares experienced a two percent increase on Wednesday, reaching 0.30p, though the stock remains down more than 26 percent year-to-date.
Current Restaurant Portfolio
Bow Street currently operates four Dim T restaurants across the UK, while recent closures have reduced the Wildwood Italian casual dining brand to 28 locations following the shuttering of four underperforming sites. The company continues to refine its portfolio while pursuing strategic growth through targeted acquisitions in the competitive restaurant sector.
