CASE STUDIES
Bistro La Place (Winchester Restaurants Ltd)
Setting up a new restaurant is considered by many to be risky at the best of times. So opening a new restaurant just before one of the worst recessions in recent years should have been a disaster. However, Bistro La Place, a French restaurant and bar which opened in February 2008 in the centre of Winchester, has proved that combining talent with a strong management team can confound the critics.
From a strong start the business has grown significantly and is substantially ahead of initial business model projections and performance measures, with a growing reputation in the city for excellent food and service.
The idea for Bistro La Place was conceived by two experienced French restaurant managers, Gael Pes and Sebastian Brancy, who knew the local restaurant market, and their business partners Jackie and Andy Dyble. Experienced in running businesses, Andy Dyble knew that putting the right management team in place was crucial and he brought in Barry Lynch, a partner at Rothmans in Winchester, at the earliest stage of negotiations with a brief to acquire the lease for the premises, to develop the business plan and very importantly to help raise the balance of the funding. “Fortunately Barry’s relationship with local banks eased that process considerably via his and Rothmans’ reputation and professional history,” explains Andy. “I have no doubt that without their introduction, this business would never have got off the ground.”
Barry Lynch effectively took control of the legal and financial structure of the company, to achieve the right balance between the various interests, and looked after all related issues for the start up in liaison with a local solicitor. The Rothmans team initially guided Bistro La Place through the bookkeeping issues but when the business started to grow it took over the complete management of the books together with financial reporting and compliance, taxation, VAT, filing accounts and staff PAYE. “In effect Rothmans has become a one stop shop for all our accounting needs, including statutory reporting advice on issues of insurance, dividend policy and advising on the legal structure as the business matures,” Andy comments.
“Rothmans has a very solid machine that handles all these issues professionally, diligently, and above all on time, whilst keeping the process friendly and respectful. I have particular feelings about this because I started off doing the bookkeeping and soon discovered that it is really a job for the professionals. I can relax about the financial management of the business because it is in Rothmans’ capable hands.”