Yard House Taps Four New Restaurant Locations for 2006
Company's Expanding Portfolio Expected to Propel Revenue to Nearly $120 Million as Scouting for Additional Sites Continues
Yard House USA, LLC, the privately-held company that owns and operates the nine-unit chain Yard House, known for its American Fusion fare and extensive taps of beer, announced today four new restaurant locations for 2006. The company has secured prime locations in Brea, California; Kansas City, Kansas; Glendale, Arizona; and Las Vegas, Nevada; Yard House will cross the Pacific Ocean in early 2007 when it opens in Waikiki on the Hawaiian Island of Oahu.
"We're continuing to expand the Yard House concept at a steady rate," says Founder and CEO Steele Platt, who was named Entrepreneur of the Year in 2003 by Ernst & Young as well as in 2005 by the Orange County Business Journal. "Our goal has always been to open three to four units per year in lifestyle centers where the area is populated by young families, professional couples, and upscale singles. I think our criteria have been met in each of these new and dynamic markets."
Founded in 1996, Yard House is a privately owned company headed by Platt along with partners Harald Herrmann and Carlito Jocson. Platt is credited with creating the restaurant's award-winning concept, an upscale yet casual eatery known for its extensive menu, state-of-the-art audio and visual systems, classic rock music, the world's largest draft beer system, and original artwork. Each location features a signature island bar, a transparent keg room containing more than 600 barrels and some 1,000 gallons of beer, and an endless fleet of tap handles--130 to 250--depending on the location. Martinis, spirits, and an impressive selection of wine are also prominent on the menu.
With the addition of the four new restaurants, plus the opening of a pair of Phoenix-area eateries and the November opening of Yard House in Palm Beach Gardens, Florida, Yard House will have a portfolio of 16 units in seven states. Company revenue, which reached more than $60 million in 2004 including more than 44% in beverage sales alone, should exceed $80 million by the end of this year and is expected to climb to more than $120 million by the end of 2006. Platt and his partners are also actively searching for locations in Murrieta, Riverside, and Marina del Rey, California, as well as Gilbert, Arizona, with lease agreements expected to be signed by the end of the year.
"We're very pleased with the direction Yard House has taken," says Herrmann. "The concept has remained consistent with every restaurant opening and will continue to do so as we expand into these different markets. Our goal is to continue to offer great food, a vast selection of draft beer and a music library of classic rock. It's a formula that has worked extremely well for us."
Each new restaurant will hire approximately 150 people to fill a variety of positions. Last year the company took a bold step when it began offering equity stake to a handful of key employees. Among the first recipients was Rudy Buruca, a former line cook who began working for the company when the first Yard House opened its doors in Long Beach, California. He has since risen through the ranks to become a regional kitchen manager with shared interest in the company. Yard House is among only a handful of casual-restaurant chains to offer employees equity stake, and Platt believes such a program has helped to create a powerful retention tool. Additional employee incentives include performance-based promotions, profit participation, comprehensive training, a 50-hour/5-day work week, two consecutive days off, family health benefits, life insurance, paid vacations, and dining privileges.
In a recent ranking of the Top 400 Restaurants nationwide by Restaurants & Institutions magazine, Yard House was noted as being one of the industry's few dozen sales growth leaders ranking #304 in overall sales and #2 in percentage beverage sales. In the same issue, the magazine also ranked the company among the Top Ten in average sales per unit. Other industry accolades Yard House has garnered include the Hot Concept! Award by Nation's Restaurant News, "Best Beer List" by both Nation's Restaurant News and Cheers Magazine, and a "Concept of Tomorrow" profile by Restaurant Hospitality magazine. OC Weekly, the top entertainment publication for residents of Orange County, California, once again named Yard House as the Best Place to Meet People in The OC for the fourth year running.
Yard House has seven restaurants in Southern California, including Long Beach, Costa Mesa, Irvine Spectrum, Pasadena, Rancho Cucamonga, Rancho Mirage and Downtown San Diego with single units in Lakewood, Colorado, and Glenview, Illinois. Yard House will make its Arizona debut next month when it opens at the Desert Ridge Marketplace in Phoenix on September 26 followed by a second location in nearby Scottsdale in January. In between, Yard House will make its foray into the Sunshine State when it opens in Palm Beach Gardens, Florida, in November.
Facts At-A-Glance:
The privately-owned California-based company, known for its eclectic
menu and extensive taps of beer, is now offering key management equity
stake.
Founder & CEO: Steele Platt
Headquarters: Irvine, California - Orange County
Founded: 1996
Current Holdings: 9 units; 7 in Southern California with single units
in Denver Metro and suburban Chicago.
2005 Openings: Phoenix, Arizona (September), Palm Beach Gardens,
Florida (November)
Employees: 1270
Financials: $60 million in sales for 2004
Average Check Per Person: $14 lunch/$22 dinner
"We're continuing to expand the Yard House concept at a steady rate," says Founder and CEO Steele Platt, who was named Entrepreneur of the Year in 2003 by Ernst & Young as well as in 2005 by the Orange County Business Journal. "Our goal has always been to open three to four units per year in lifestyle centers where the area is populated by young families, professional couples, and upscale singles. I think our criteria have been met in each of these new and dynamic markets."
Founded in 1996, Yard House is a privately owned company headed by Platt along with partners Harald Herrmann and Carlito Jocson. Platt is credited with creating the restaurant's award-winning concept, an upscale yet casual eatery known for its extensive menu, state-of-the-art audio and visual systems, classic rock music, the world's largest draft beer system, and original artwork. Each location features a signature island bar, a transparent keg room containing more than 600 barrels and some 1,000 gallons of beer, and an endless fleet of tap handles--130 to 250--depending on the location. Martinis, spirits, and an impressive selection of wine are also prominent on the menu.
With the addition of the four new restaurants, plus the opening of a pair of Phoenix-area eateries and the November opening of Yard House in Palm Beach Gardens, Florida, Yard House will have a portfolio of 16 units in seven states. Company revenue, which reached more than $60 million in 2004 including more than 44% in beverage sales alone, should exceed $80 million by the end of this year and is expected to climb to more than $120 million by the end of 2006. Platt and his partners are also actively searching for locations in Murrieta, Riverside, and Marina del Rey, California, as well as Gilbert, Arizona, with lease agreements expected to be signed by the end of the year.
"We're very pleased with the direction Yard House has taken," says Herrmann. "The concept has remained consistent with every restaurant opening and will continue to do so as we expand into these different markets. Our goal is to continue to offer great food, a vast selection of draft beer and a music library of classic rock. It's a formula that has worked extremely well for us."
Each new restaurant will hire approximately 150 people to fill a variety of positions. Last year the company took a bold step when it began offering equity stake to a handful of key employees. Among the first recipients was Rudy Buruca, a former line cook who began working for the company when the first Yard House opened its doors in Long Beach, California. He has since risen through the ranks to become a regional kitchen manager with shared interest in the company. Yard House is among only a handful of casual-restaurant chains to offer employees equity stake, and Platt believes such a program has helped to create a powerful retention tool. Additional employee incentives include performance-based promotions, profit participation, comprehensive training, a 50-hour/5-day work week, two consecutive days off, family health benefits, life insurance, paid vacations, and dining privileges.
In a recent ranking of the Top 400 Restaurants nationwide by Restaurants & Institutions magazine, Yard House was noted as being one of the industry's few dozen sales growth leaders ranking #304 in overall sales and #2 in percentage beverage sales. In the same issue, the magazine also ranked the company among the Top Ten in average sales per unit. Other industry accolades Yard House has garnered include the Hot Concept! Award by Nation's Restaurant News, "Best Beer List" by both Nation's Restaurant News and Cheers Magazine, and a "Concept of Tomorrow" profile by Restaurant Hospitality magazine. OC Weekly, the top entertainment publication for residents of Orange County, California, once again named Yard House as the Best Place to Meet People in The OC for the fourth year running.
Yard House has seven restaurants in Southern California, including Long Beach, Costa Mesa, Irvine Spectrum, Pasadena, Rancho Cucamonga, Rancho Mirage and Downtown San Diego with single units in Lakewood, Colorado, and Glenview, Illinois. Yard House will make its Arizona debut next month when it opens at the Desert Ridge Marketplace in Phoenix on September 26 followed by a second location in nearby Scottsdale in January. In between, Yard House will make its foray into the Sunshine State when it opens in Palm Beach Gardens, Florida, in November.
Facts At-A-Glance:
The privately-owned California-based company, known for its eclectic
menu and extensive taps of beer, is now offering key management equity
stake.
Founder & CEO: Steele Platt
Headquarters: Irvine, California - Orange County
Founded: 1996
Current Holdings: 9 units; 7 in Southern California with single units
in Denver Metro and suburban Chicago.
2005 Openings: Phoenix, Arizona (September), Palm Beach Gardens,
Florida (November)
Employees: 1270
Financials: $60 million in sales for 2004
Average Check Per Person: $14 lunch/$22 dinner
