Lido bistro chain announces major expansion plan in Germany

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The well-known Latvian food producer and bistro chain Lido is planning on opening up a total of 15 bistros in Berlin within the next two to three years, the company's chairman Gunars Kirsons told LETA Thursday.

''We plan on opening up about 15 bistros in Germany within the next two to three years. We are also planning on expanding outside of Germany as well,'' he said.

''The performance of our first two bistros in Berlin is positive. At lunch time, our bistros are so full that there is no room for a piece of paper to fall to the ground. We will be able to release more specific performance figures in about five to six months,'' Kirsons said.

According to Kirsons, about 70% of the employees at the Lido bistros in Germany are from Latvia, and 30% are from Germany. He said that there are also a few Latvian employees who have resided in Berlin for a while already.

As reported, the Lido catering company last year generated €33.75m in sales and earned €1.23m in profit, according to business database.

In 2014 the company sustained losses of €888,957, and the company’s turnover was €33.15m.

Lido also reported that the group's total turnover last year reached €39 million, while the group's profit was €1.9 million. In 2015 the group's companies were among the 100 largest tax payers in Latvia.

Founded in 1991, Lido specializes in catering, food processing and production and distribution of products for the food industry. Latvian businessman Gunars Kirsons is the sole owner of the company, and its share capital is €927,427.

Lido has eleven restaurants, several food production facilities and retail stores in Riga as well as three restaurants in Tallinn and two restaurants and a plant in Berlin.

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