"John Vincent is going back to the future. Four years after selling Leon, the fast food chain named after his father and founded in 2004 with two friends, he has bought it back with hopes of reviving its fortunes. In a crisis you need a pilot in full control, the martial arts fan says, speaking to the Guardian from Leon's headquarters near London Bridge."
"The former management consultant bought back Leon for a rumoured 30m-50m significantly less than the 100m he sold it for from the supermarket chain Asda in October, 21 years after the first restaurant opened in Camden. It was a self-funded, debt-free deal that he hopes will turnaround the company he co-founded with his friends Henry Dimbleby, who later became a government food tsar, and the chef Allegra McEvedy."
"Vincent says he now wants to run Leon as a family business, almost like running your own corner shop. He says the business will be fuelled by a founder's mentality, pondering problems from the early hours of the morning to late at night. The first step is to renegotiate leases and shrink the group. The plan includes the possible closure of two outlets by the end of January, taking the total number to 50."
John Vincent has repurchased Leon, the fast-food chain he co-founded in 2004, in a self-funded, debt-free deal priced well below its previous sale. He plans a founder-led turnaround that treats the business like a family-run corner shop, fueling decisions with a hands-on mentality. Immediate actions include renegotiating leases, closing underperforming outlets (potentially two by January), shrinking the estate from 68 towards 50, and shifting out of unprofitable cities such as Brighton and Manchester. The focus will concentrate on owned stores—notably about 29 in London—while franchise partners continue to operate locations such as motorway service stations. Expansion may resume after stabilisation.
Read at www.theguardian.com
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