Finland-based restaurant services company Restamax has proposed to change the company name to NOHO PARTNERS.
The name, which comes from Nordic Hospitality Partners, is expected to better communicate the recent changes in Restamax’s business operations and its strengths, as well as its future goals and opportunities.
Laine Capital, PIMU Capital and Mika Niemi, the shareholders holding around 55.6% of all votes in the group, have supported the board’s decision.
Following final approval, the company will begin operating the business under the new name with immediate effect.
Restamax group CEO Aku Vikström said: “Our expansion to the international market and integration with Royal Ravintolat have served as engines for growth for our future. Our new name, NoHo Partners, indicates the core of our operations.
“‘Nordic’ refers to our future growth market as well as to Nordic quality, which is appreciated and attractive worldwide. ‘Hospitality’ reflects our desire to expand our operations beyond [a] conventional restaurant business, for example to large events and new digital sales channels.
“‘Partners’, or the partner model, is the cornerstone of our operations and our key competitive advantage. We want to be an attractive partner for ambitious professionals.”
Restamax board of directors also approved its new financial targets and strategy for the 2019 to 2021 period, during which, the company plans to achieve a €600m turnover as well as a 7.5% profit margin by the end of 2021.
The company is also planning to generate a €300m turnover and an 8% profit margin for the restaurant during this period.
Restamax also aims to grow its Finnish growth centres and large events organically powered by new openings and corporate acquisitions. It also plans to expand to the Northern European market through its partner model.
The group will expand its restaurant operations internationally through new restaurant openings in Denmark and Germany during 2019.