Product category:
Banking / credit / debt
News Release from: Alliance & Leicester | Subject: Small Businesses
Edited by the Insidemoneytalk Editorial
Team on 07 November 2007
Festive season reaps rewards for
Belgrave Road's restaurateurs
As the Diwali lights lit up Leicester's Belgrave Road on 28 October, it marked the start of a prosperous season for the areas restaurant trade.
New restaurant and party venue, Planet Bollywood which opened on Belgrave Road in January of this year, has already seen a 20 per cent increase in trade, with advance bookings pouring in as the festive season gets underway.Rajesh Modha, Director of Planet Bollywood said: "We have seen a marked increase in bookings in the lead up to Diwali and that looks set to continue into the New Year We have increased staffing levels by nearly a third to manage the increase in business, and have developed a reputation as a great party venue by having live music on Friday and Saturday nights and special offers to boost bookings."With Diwali day on 9 November, business looks set to continue to increase
This article was originally published on Insidemoneytalk on 22 Mar 2007 at 8.00am (UK)
Related stories
Steve Jennings, director of business banking at Alliance and Leicester comments on the Budget
Budget provides a mixed bag for small businesses
More than 8 out of 10 small businesses in Manchester do not support road pricing
Research commissioned by Alliance and Leicester Commercial Bank reveals that more than eight out of 10 (81%) of small businesses in Manchester do not support new road pricing scheme.
However, with strong competition from other restaurants in the area and special offers cutting profit margins, successful restaurants are differentiating based on the style of Indian food they serve and relying on reputation and value for money to increase trade.
Manjit Pabla, Manager of Friends Tandoori Restaurant said: "Business has increased, but I think the current economic situation has had an impact.
We would normally expect to see a 25 per cent increase in business at this time of year, but it is a bit slower than it's been in previous years.
Naturally, the restaurant trade is one of the first to feel the pinch when people start to economise and with a lot of competition in the area, reputation, quality and value for money keep customers coming back for more."Despite worries about the economy and local competition, over 32,000 people gathered along Leicester's Golden Mile to see the big switch on, with many flocking to local bars and restaurants to continue the celebrations with friends and family.
Nick Pulley, Head of Alliance and Leicester Commercial Bank's East Midlands Business Centre said: "The festive season is a key time of year for many businesses, especially those in the hospitality trade.
With strong competition in the market and the subsequent pressure to keep costs down to maximise profit, businesses need to look to keep their costs as low as possible.
One area which should be considered is banking and local businesses should shop around for the best deal for their banking, to avoid paying excessive bank charges.".
• Alliance & Leicester: contact details and other news
• Email this article to a colleague
• Insidemoneytalk Home Page
