Speciality Restaurants Ltd

Incorporated in 1999, Speciality Restaurants Limited is one of the largest chain of restaurants in the fine dining sector with restaurants across India, UAE (Dubai), Qatar (Doha), Tanzania (Dar e salam) and in UK (London). Their flagship brand Mainland China serve authentic Chinese cuisine with some new items on the Menu while its offshoot i.e. Asia Kitchen by Mainland China serves panAsian cuisine in a semicasual dining format. Haka has been a recent addition to Cloud Kitchen format in the same genre ie. Haka style Chinese cuisine and holds promise for dinein formats at a later stage.Kix was launched in 2007 as a bar with dance floor and music. It is targeted at young professional segment of the Indian population. Shack was launched in 2009 as a bar lounge with a beach theme targeted at the young Indian professional segment. Kibbeh was launched in May 2010 as a Lebanese bar and lounge that is targeted at the young Indian professional segment.In May 2012, Speciality Restaurants came out with an initial public offer (IPO) of 11,739,415 equity shares. The IPO was open for subscription during the period from 16 to 18 May 2012. The IPO was priced at Rs 150 per share.During the financial year ended 31 March 2014, the company introduced new brands like Sigree Global Grill, Cafe Mezzuna and Hoppipola in an effort towards sweating of assets. Hoppipola is an allday bar and restaurant that offers contemporary food.Speciality Restaurants entered into a joint venture with the Al Mohannadi Group for the purpose of setting up a restaurant under the brand name Mainland China and a Joint Venture Company was incorporated during the financial year 201314 under the name of Mainland China Restaurant LLC in Doha, Qatar. The Company had invested 4,90,000 QAR (Qatari Riyal) in the equity instruments of the Joint Venture Company for the subscription of 490 equity shares of QAR 1000 each, fully paidup.During the financial year ended 31 March 2015, the company commenced 14 restaurants out of which 10 are Company Owned Company Operated (COCO) while 4 are Franchise Owned Company Operated (FOCO). Out of the 4 FOCO restaurants, 2 represent international destinations in Dar es Salaam, Tanzania. The company opened a new restaurant under the brand Mainland China Asia Kitchen at Oberoi Mall in Goregaon (East), Mumbai. It has 60 per cent of Mainland Chinas offerings but there is 40 per cent value addition in the form of Pan Asian cuisine which includes gourmet dishes from Hong Kong, Singapore, Malaysia, Thailand, Japan, Korea, Myanmar in addition to China. The outlet has a more casual atmosphere with a much younger crowd mix. Based on the overwhelming response, the second outlet was opened at Palladium Mall, Phoenix Mills, Lower Parel, Mumbai.During the year under review, the company entered into a Share Purchase and Shareholders Agreement with Love Sugar and Dough Private Limited (LSDPL), Mr. Nauzad Kersi Munshi and Ms. Tarannum Imtiaz Merchant, the Promoters of LSDPL for acquisition of 51% stake in LSDPL and accordingly acquired 51% stake in LSDPL by purchase of 5,100 equity shares of LSDPL for a consideration of Rs 7.5 million and thus LSDPL became the subsidiary of the Company with effect from December 30, 2014.During the financial year ended 31 March 2016, the company opened 14 restaurants out of which 13 are Company Owned Company Operated (COCO) while 1 is Franchise Owned Company Operated (FOCO). Hoppipola which was launched to attract younger generation has seen five more outlets opened during the year, two in Mumbai and one each in Pune, Chennai and Kolkata. It is an All Day Bar serving finger food, bar nibbles and innovative mocktails. Its target market is those of youngatheart.The company entered into a Share Sale Agreement with Love Sugar and Dough Private Limited (LSDPL), and the Promoters of LSDPL for sale of 51% stake in LSDPL back to the promoters of LSDPL and accordingly the company sold the entire 51% stake in LSDPL by sale of 5,100 equity shares of LSDPL for a consideration of Rs 5.7 million and thus LSDPL ceased to be a subsidiary of the company with effect from August 3, 2015.During the financial year ended 31 March 2017, the company opened two confectionaries and six restaurants out of which three are Company Owned Company Operated (COCO) while three (3) are Franchise Owned Company Operated (FOCO). Hoppipola which was launched to attract younger generation has seen two more outlets opened during the year.The Mainland China restaurant at Doha, Qatar started commercial operations with effect from May 10, 2016 in joint venture with the Al Mohanndi Group, Qatar. During the year under review, the company opened nine restaurants out of which three are Company Owned Company Operated (COCO) while six are Franchise Owned Company Operated (FOCO) and five confectionaries. Speciality Hospitality UK Limited was incorporated as a wholly owned subsidiary company on August 22, 2017.In 201819, the Company opened five (5) restaurants out of which two (2) are Company Owned Company Operated (COCO) while three (3) are Franchise Owned Company Operated (FOCO) and four (4) confectionaries, which totaled to 104 Restaurants. The Companys Machaan restaurant located at Mani Square, Kolkata was launched under the brand Jungle Safari in 201819.In 201920, the Company opened seventeen (17) restaurants out of which twelve (12) are Company Owned Company Operated (COCO) while five (5) are Franchise Owned Company Operated (FOCO) and eight (8) confectionaries which totaled to 109 restaurants. The first London restaurant Chourangi was launched in 202122.The Company acquired 100% of the Equity Share Capital of Speciality Hotels India Private Limited and made it the wholly owned subsidiary of the Company in August, 2022.During the year 202223, Company opened 4 Cloud Kitchens. At the end of financial year ended March 31, 2023, the Company had 71 restaurants (including 17 franchisees), 16 Cloud Kitchens and 40 confectionaries.