Paramount has said the turnaround of Groupe Chez Gerard is now complete, a year after acquiring the troubled restaurant chain.

Comparing its results for the year to 27 June with Chez Gerard’s results prior to the acquisition, profits before tax, exceptionals and goodwill amortisation are up to £2.66m from a loss of £0.13m the previous year.

Like for like sales are up 5.6 per cent to £31.77m and average sales per venue up 12 per cent.

Paramount bought Chez Gerard in April 2003 and said the first year would be focused on transition: redistribution of space has resulted in creating 300 additional covers, five underperforming sites have been sold and selective refurbishments carried out – such as the flagship Bertorelli restaurant in Covent Garden. The group now operates 21 restaurants.

Paramount’s group chief executive, Nick Basing, said: “The strong financial performance reflects our success in turning around the business.

“We are now positioned to deliver a controlled growth plan.”

The company is intending to embark upon a selective rollout plan outside of London and is testing two new formats: Brasserie Chez Gerard and Caffe Bertorelli, both based upon the original brands but adapted for all-day trading. The first Caffe Bertorelli opened in Bristol earlier this month.

Paramount has also created a new retail format, Deli Bertorelli, with the first site opening in Charlotte Street in London later this month.

The current financial year has seen Paramount’s like for like sales grow by 8.3 per cent in the first 11 weeks.