Sfinks swallows Chłopskie Jadło, plans major expansion

Sfinks is planning to go public this year to gain capital for development. The company, at the moment consisting of 79 facilities, is planning to open four to seven restaurants of Chłopskie Jadło per year and about 20 restaurants under the Sphinx brand this year. Their long term target is 130-150 restaurants in the network, as well as breaking into neighboring countries' markets. Last year Sfinks posted a revenue of zł.118.3 million (24% more than the previous year) and a profit of zł.7.38 million (more than a 50% increase year-on-year). The company promises that due to the development of its own network, as well as taking over Chłopskie Jadło, the results for this year will be even better. However, that does not mean a dividend for shareholders. "So far all profits have been re-invested and this policy will be continued," said the president of Sfinks, Piotr Mikołajczyk. (Puls Biznesu, p. 12, Parkiet, p. 4) J.L