Major Latvian catering company Lido has opened one its largest ever restaurants in Riga, creating 100 jobs.
The 900,000 euro restaurant opened at the Domina Shopping Mall on Jan. 4, The new restaurant is Lido's third largest, occupying an area of 1,200 square meters, Lido owner Gunars Kirsons confirmed.
"Analyzing new developments 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 mall," said Gunars Kirsons at its opening.
The funds for the project were secured via mezzanine capital provided by DNB bank and the Latvian Guarantee Agency.
DNB Bank Vice President Janis Teteris praised the opening of the restaurant. He said: "The opening of the Lido bistro at Domina Shopping mall proves that a company, after a period of serious financial hardships, can make a comeback and become even more successful and efficient."
"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." he said.
Lido last opened a new bistro in 2005 at the Spice shopping mall in Riga.
Last year, the company concluded a two-year legal protection and recovery process, and resumed steady growth. Last summer, a pop-up bistro in Jurmala also proved successful.
Latest statistics from firmas.lv show Lido posted 27 million euros in turnover in 2012, a 5 percent increase on 2011. The company's profit totaled 344,310 euros in 2012, down from EUR 1.3 million in 2011. 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.
*The original text on Jan. 5 stated that the restaurant was Lido's largest. The new opening is the restaurant chain's third largest.