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Ritter raises a glass to growth
Falling alcohol sales have failed to dampen the spirits of Soho Clubs and Bars chief executive Joachim Ritter, who is seeking a backer to fund his expansion plans. The owner of the company, Geoffrey Rose, is selling his stake with Ritter hoping to take over.
Steady profits have recently enabled
Ritter, who aims to remain at the company in the event of an external sale, said: “Despite tricky market conditions during 2007 we have grown like-for-like sales by 9 per cent to over £18 million. After strong Christmas and New Year trading, which saw turnover rise by 2 per cent, we have decided that the introduction of new capital is required to allow us to continue to expand the business.”
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