Manhattan Fish Market poised for greater growth
Revenue Valley Sdn Bhd, which owns home-grown restaurants Manhattan Fish Market and Hainan Kopitiam, plans to strengthen its regional presence and bring in international franchises to Malaysia, as well as to get listed on the local bourse.
The company set up its first Manhattan Fish Market in Malaysia at the Mid Valley Megamall in November 2002 and now owns a total of 13 outlets, mainly in the Klang Valley, and one each in Singapore and Bangkok.
The Manhattan Fish Market, a casual dining seafood restaurant, was founded by Dr Jeffrey Goh, a dentist-turned-politician and businessman, and a Singaporean partner.
In an interview with FinancialDaily, Goh said he hoped to list Revenue Valley on the local stock exchange by 2009.
“We are already making preparations for listing with our merchant bankers. We are setting our house in order,” he said, adding that the capital raised would be used to retire debts.
Goh said it had been profitable “from day one”, posting annual same-store net profit growth of 10%. He expects revenue to grow 25% this year from about RM20 million last year.
He said the company plans to open two more outlets, one each in Petaling Jaya and Penang this year, costing between RM500,000 and RM800,000 per outlet, and another four outlets in Malaysia and up to three in Singapore next year. For Bangkok, it is targeting 10 more outlets in three years.
He is also hoping to franchise the outlets to the Middle East, Indonesia and China to tap into those huge consumer markets.
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