However, the turnover is expected to be 31% higher than in 2020, the most difficult year for the local and global HoReCa industry.
The company’s turnover was little below RON40 million in 2020, one third lower than the level reported in 2019. However, the shareholders of Fratelli Group continued to invest in the business and bet on new units, considering that a second unit was opened in Bucharest’s Herastrau Park in 2020.
For 2021, Fratelli Group targets investments of RON1.2 million, which will go into renovations.
Fratelli Group consists of 15 clubs, bistros and restaurants, being one of the leading players in the Romanian HoReCa (hotel, restaurant and cafes) sector.
The Fratelli business was launched on the Romanian market over 15 years ago by four Romanian entrepreneurs: brothers Liviu Popescu and Mihai Popescu and cousins Dani Caramihai and Nicu Mergeani. The business, which consists of several firms, has some 300 employees and some 15 units in Romania’s large cities of Iasi, Timisoara, Bucharest, Constanta and Mamaia seaside resort.
The Romanian HoReCa industry comprised over 40,000 restaurants, cafes and bars before the pandemic.