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Lido planning to open up a new restaurant in Finland

Nina Kolyako, BC, Riga, 23.08.2012.Print version
Latvian bistro/restaurant chain Lido plans to open up a new restaurant in the Finnish city of Lappeenranta within the next 6-8 months, the owner and director of Lido Gunars Kirsons said in an interview to newspaper Diena.

This would become the second Lido restaurant opened outside Latvia. The first was opened in Tallinn in 2009, writes LETA.


The restaurant in Finland is planned to be similar to the Lido recreation center and restaurant on Riga's Krasta Street, only a bit smaller.


As the businessman explained, Lappeenranta is one of the richest cities in Finland, as it is visited by a large number of Russian tourists annually, who are prepared to spend their money.


Speaking about activities of Lido this year, Kirsons said that the company has been successful in increasing turnover by 10.1%. He said that this has been in large part due to the fact that customer turnover at Lido restaurants has increased, because the company has not increased its prices.


As reported, last year, the public catering company Lido was successful in returning to profit.


In 2010, the company operated with LVL 9.615 million in losses, but in 2011 the company posted LVL 1.03 million in profit.


Lido also increased turnover by 2.1% last year – from LVL 17.64 million in 2010, the LVL 18.01 million in 2011.


According to the company's report, 2011 was a successful year for Lido, as it has been able to return to profit.


LETA also reported, out-of-court legal protection status for Lido was lifted in January after the company reached settlement with its creditors.


Ending the legal protection process became possible after Lido reached settlement with its largest creditor, the DNB bank. Property of Lido group companies "Dizaina projekti" and Lido kalns was sold at auction, thereby the company had enough money to pay part of its debts.


Lido was established in 1987. The company has eight restaurants in Riga, a restaurant in Tallinn, a production base in Riga, and two stores.


Gunars Kirsons is the only owner of Lido.

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