Three Joes is a new sourdough pizza restaurant chain with two sites. The founders have previously created £120m of value in the restaurant sector and currently, the Winchester restaurant is delivering £10,000 of EBITDA monthly. Discussions are underway with landlords to contribute to new sites.
We want to serve the best pizzas in the world and we LOVE sourdough! We opened a pilot Three Joes sourdough pizzeria in Fareham, Hampshire in August 2017 and we proved the concept in our second restaurant in Winchester in July 2018 which is now delivering £10,000 EBITDA monthly, Group EBITDA for 2018 to date is -£193k.
We think sourdough pizza is the next big thing with Franco Manca now operating 44 restaurants. We install a wood-fired oven in every restaurant and make sourdough freshly every morning. Customers love this authenticity and Three Joes enjoys a 95% 'excellent' and 'very good' rating on TripAdvisor. We believe authentic, sourdough pizza will replace pizza chain pizzas made from white flour dough and cooked in electric ovens. Just like barista-made coffee has replaced instant coffee.
The casual dining landscape is changing rapidly. Customers are migrating to contemporary, innovative, new brands and abandoning old-fashioned chains. These old chains are undertaking CVA's or falling into administration. We believe this creates amazing property opportunities for brands like Three Joes and we have three fantastic new sites under review in high footfall locations.
There are 3,130 chain pizza restaurants in the UK and thousands more independents. The founders have previously opened 78 restaurants between them and plan to open three more restaurants within 12 months.