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Saturday, 20.04.2024, 15:08
Lido invests EUR 900,000 in new bistro in Riga
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The funds for the project were secured via mezzanine capital provided by DNB banka and Latvian Guarantee Agency. Also, Domina Shopping helped Lido rebuild and renovate the area where the new bistro is located.
Lido last opened a new bistro in 2005 at the "Spice" shopping mall.
Last year, the company concluded a two-year legal protection and recovery process, and resumed steady growth. Last summer, a pop-up bistro was opened on Jomas Street in Jurmala, which was quite successful. Today Lido opened a new bistro at the Domina Shopping mall.
The new restaurant at Domina Shopping is the largest Lido bistro of all, occupying an area of 1,200 square meters. The new bistro has a staff of 100, said Kirsons.
Also, the new Lido offers customers an extensive menu with 300 items, which will later be supplemented with Lido beer and kids' meals.
"Analyzing new development and expansion opportunities for the Lido network, we were looking at Riga's Vidzeme District where we were not yet represented. We are happy to have established cooperation with Domina Shopping," said Kirsons.
The opening of the Lido bistro at Domina Shopping proves that a company, after a period of serious financial hardships, can make a comeback and become even more successful and efficient, said DNB Banka Vice President Janis Teteris. "Two years have passed since Lido, at the beginning of February 2012, exited the out-of-court legal protection process and became the first company in Latvia to resume full-scale business. During these two years, Lido, in cooperation with DNB banka, put a great effort into recovery of the company and pursuing new development opportunities, and we are truly pleased to witness a new period in the company's development," he added.
According to "Firmas.lv" data, Lido posted EUR 27.01 million in turnover in 2012, a 5 percent increase on 2011. The company's profit totaled EUR 344,310 in 2012, down from EUR 1.3 million in 2011.
At the moment, Lido runs a network of nine bistros in Latvia and one in Tallinn, a brewery, several stores and food production facilities in Riga.
Lido was established in 1991, the company's share capital is EUR 14.11 million.
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