Used 00 flour for the dough. Light Bachan’s base, violife mozzarella cheese shreds, fried vegan shrimp, chopped fresh parsley and green onions and drizzled with bbq sauce.

Evening everyone, I wanna hear your favorite jerky recipes as I’m about to do a decently long back packing trip and use jerky as my main lunch protein. Bonus if you have one with pickle juice as I have a bunch I don’t want to dump out.
Here’s my personal favorite, a twist on sweet and spicy siracha:
Siracha, honey, soy sauce, Worcestershire sauce, tiny bit of paprika, fresh ginger, fresh minced garlic, onion powder, garlic powder, black vinegar

Just wanted to share some worthy ideas with you guys. I made some smoked stuffed onions and mushrooms. Both very good and worth trying!!
Stuffed onions: Cream cheese Shredded parm cheese Fresh jalapeños A1 steak sauce Costco bitchen sauce Salt Crushed red pepper flakes Pepper French onion powder Diced garlic
Kept on the smoker for about 1 hour at 375
Mushrooms: Extra virgin Olive oil Diced garlic Diced onion Shredded cheddar cheese Grated parm cheese Some apple cider vinegar
Takes 45-60 minutes on smoker at 375
Can smoke these at lower temps and turn up the heat after 20-30 minutes.

The 12 Best Fusion Restaurant in New York City,NY,United States (2023)
Discover the top 12 fusion restaurants in New York City, NY, United States. Indulge in a unique culinary experience that combines flavors from different cuisines. From Asian-inspired dishes to fusion of American and European flavors, these restaurants offer a delightful fusion dining experience. Explore the best fusion restaurants in the city and satisfy your taste buds with innovative and delicious dishes.
230 Fifth
230 FIFTH: New York's Premier Rooftop Garden and Penthouse LoungeWelcome to 230 FIFTH, the ultimate destination for breathtaking views and unforgettable dining experiences in the heart of New York City. As a travel blogger, I am thrilled to introduce you to this iconic restaurant that boasts the title of being the largest outdoor Rooftop Garden and Fully enclosed Penthouse Lounge in the city. With one floor fully enclosed and a rooftop garden open to the sky, 230 FIFTH offers the best of both worlds. Whether you're seeking a sunny spot under our large umbrellas or a cozy retreat on colder nights with our partial heating, this restaurant ensures a comfortable and enjoyable dining experience for all. Join us at 230 FIFTH and indulge in the beauty of New York's skyline while savoring delectable cuisine and refreshing beverages.
THEP Thai Restaurant
At THEP Thai Restaurant, we strive to be your favorite go-to neighborhood restaurant that ensures your dining experience by providing you with beautiful dining ambiance, attentive service, and great meals. Our specialties range from authentic Northern Thai dishes to the most exotic Asian fusion selections. Stop by, give us a try, we promise you a dining experience you'll never forget.
Blue Ribbon Sushi Bar & Grill - Columbus Circle
Blue Ribbon Sushi Bar & Grill - Columbus Circle is a restaurant that offers authentic Japanese cuisine and a distinctive beverage program. With a focus on sake and shochu cocktails, this restaurant is known for its creative sushi and sashimi, as well as seafood and grilled meats. They also serve tempura fried chicken and a variety of cocktails in their wood-paneled lounge. Located just off Columbus Circle at the 6 Columbus Hotel, Blue Ribbon Sushi Bar & Grill is a great spot for a business lunch, an after-work sake flight, a quick pre-theater meal, or a decadent night out on the town.In addition to their main restaurant, Blue Ribbon Sushi Bar & Grill also features Blue Ribbon Hi-Bar, a rooftop bar with a stunning view of Central Park. This rooftop bar offers a unique experience with its sliding glass ceiling roof, which can be opened when the weather permits. Whether you're looking to enjoy a delicious meal or sip on cocktails while taking in the beauty of Central Park, Blue Ribbon Hi-Bar is the perfect spot to relax and unwind.
Beyond Sushi
Beyond Sushi: New York City's Premier Vegan Restaurant ChainWelcome to Beyond Sushi, the top vegan restaurant chain in New York City. Known for our innovative plant-based offerings, we pride ourselves on providing diverse options that are both kosher certified and bursting with robust flavor. Our commitment to using high-quality ingredients ensures that every dish on our menu is a culinary delight.At Beyond Sushi, we believe in making a positive impact on both your palette and the planet. Our globally inspired dishes are designed to leave a lasting impression, offering a unique and unforgettable dining experience. With five convenient locations across Manhattan, we provide a full-service dining experience, as well as takeout and delivery options.Looking to elevate your next event? Look no further than our catering division, City Roots. With our forward-thinking culinary perspective, we bring the Beyond Sushi experience to events throughout NYC. Whether you're hosting a corporate gathering or a private celebration, our full-service and drop-off catering options are perfect for any occasion.Join us at Beyond Sushi and discover the endless possibilities of vegan cuisine. Experience the flavors, the quality, and the innovation that have made us the go-to destination for plant-based dining in New York City.
Sen Sakana
Blending together Japanese and Peruvian influences, Sen Sakana is the finest example of Nikkei cuisine in New York. With its unique fusion of flavors and culinary techniques, this restaurant offers a one-of-a-kind dining experience for both locals and tourists. From traditional sushi rolls to Peruvian ceviche, Sen Sakana's menu is a delightful mix of both cultures, satisfying even the most discerning palates.What sets Sen Sakana apart from other restaurants is its commitment to providing exceptional service without the need for tipping. As a non-tipping restaurant, guests can enjoy their meals without the pressure of calculating gratuities. This innovative approach allows the staff to focus solely on delivering an unforgettable dining experience, ensuring that every customer leaves satisfied and eager to return.Located in the heart of New York, Sen Sakana offers a modern and inviting atmosphere that perfectly complements its unique culinary offerings. The restaurant's sleek design, warm lighting, and comfortable seating create a welcoming ambiance for diners to relax and enjoy their meals. Whether you're looking for a romantic dinner for two or a gathering with friends, Sen Sakana provides the ideal setting for any occasion.For those seeking a memorable dining experience that combines the best of Japanese and Peruvian cuisine, Sen Sakana is the perfect choice. With its exceptional menu, non-tipping policy, and inviting atmosphere, this restaurant truly stands out among the culinary scene in New York. Don't miss the opportunity to indulge in the flavors of Nikkei cuisine at Sen Sakana - a true gem for food enthusiasts and travel adventurers alike.
Brooklyn Chop House - Times Square
Brooklyn Chop House - Times Square is a unique restaurant that combines the best of both worlds. With a play on the word "Chop", this establishment offers a diverse menu ranging from Chop Steak to Chop Sticks. The owner, Stratis, has successfully merged his own culinary expertise with that of Philippe Chow, resulting in a menu that showcases the best of both cuisines. From dry-aged Prime Steaks like Porterhouse and NY Strip to Bone-In Rib Eye, the steakhouse classics are not to be missed. However, what truly sets Brooklyn Chop House apart is their innovative twist on traditional dishes. By transforming his father's Hilltop Diner staples such as Pastrami, The Reuben, Philly Cheesesteak, Bacon Cheeseburger, and French Onion Soup into dumplings, Stratis has created a viral sensation on social media. Be sure to visit Brooklyn Chop House - Times Square for a dining experience like no other.
Bua Thai Ramen & Robata Grill
Welcome to Bua Thai Ramen & Robata Grill, where you can embark on a culinary journey to discover and indulge in a unique Thai cooking style like never before. Our restaurant offers a delightful blend of traditional Thai flavors and modern techniques, ensuring a memorable dining experience for all food enthusiasts. At Bua Thai Ramen & Robata Grill, we take pride in our diverse menu that showcases the best of Thai cuisine. From aromatic curries to mouthwatering stir-fries, our skilled chefs use only the freshest ingredients to create authentic and flavorful dishes that will tantalize your taste buds. Whether you are a fan of spicy and tangy Tom Yum soup or crave the comforting warmth of a steaming bowl of ramen, our restaurant has something to satisfy every craving. Our commitment to quality and attention to detail ensure that each dish is prepared with utmost care and precision. Located in a vibrant and bustling neighborhood, Bua Thai Ramen & Robata Grill provides a cozy and inviting atmosphere for you to relax and enjoy your meal. Our friendly staff is always ready to assist you in choosing the perfect dish and ensuring a memorable dining experience. Come and join us at Bua Thai Ramen & Robata Grill to embark on a culinary adventure that will transport you to the heart of Thailand. Indulge in the rich flavors, vibrant spices, and warm hospitality that make Thai cuisine truly exceptional.
The Cecil Restaurant
Inspired by the travels, exploration and study of the African Diaspora of Chef Alexander Smalls, The Cecil Restaurant offers a global adventure in tastes and flavors as diverse and dynamic as the community in which the restaurant resides.With a goal to connect communities through food, comfort, and hospitality, The Cecil Restaurant is a must-visit for any food enthusiast. Whether you are a local or a traveler, this restaurant promises to take you on a culinary journey like no other.From the moment you step inside, you will be greeted with a warm and inviting atmosphere that reflects the rich cultural heritage of the African Diaspora. The Cecil Restaurant is not just a place to eat; it is an experience that will transport you to different corners of the world through its carefully curated menu.With a focus on using fresh, locally sourced ingredients, Chef Alexander Smalls and his team have created a menu that showcases the best of African, Asian, and American cuisines. Each dish is thoughtfully prepared and beautifully presented, ensuring a feast for both the eyes and the taste buds.Whether you are craving a comforting bowl of jollof rice, a flavorful plate of jerk chicken, or a mouthwatering burger with a twist, The Cecil Restaurant has something to satisfy every palate. So, come and embark on a culinary adventure at The Cecil, where food becomes a bridge that connects communities and cultures.
Essex Restaurant
Welcome to Essex Restaurant, a LES pioneer famous for its award-winning contemporary cuisine. Located in the historic Shapiro's Winery, this loft-like multi-level space offers a unique dining experience. With its expansive layout, Essex Restaurant provides intimate balcony and banquette seating, perfect for a romantic dinner or a gathering with friends. The restaurant is also known for its $1 oyster happy hour, where you can indulge in fresh and delicious oysters at an unbeatable price. Additionally, Essex Restaurant hosts NYC's longest running brunch party, making it the go-to spot for a lively and enjoyable weekend brunch. Whether you're looking for a cozy dinner, a fun brunch, or a venue for private parties, Essex Restaurant has it all.
Calle Dao Downtown
Located between two of Manhattan's most stylish neighborhoods, SoHo and The West Village, Calle Dao Downtown is dedicated to serving the highest quality food with a focus on traditional Brazilian and Cuban cuisine. Calle Dao Downtown is a place where food, music, and culture converge. Brazil's Frango Ipanema and Cuba's Arroz con Pollo are amongst the delicacies featured on the menu, and fresh tropical cocktails such as their tantalizing "Orange Basil Mojito" highlight the fully stocked bar. Seamlessly fusing the food and culture of these two distinct countries, Calle Dao Downtown continues the experience with a friendly staff and a lively, informal atmosphere. Large murals and festive colors adorn the 1,500 square foot space, and conga drums cleverly double as bar stools for up to fifteen lucky (and thirsty) guests. Able to host up to one hundred patrons for events, Calle Dao Downtown strives to serve as a festive oasis, event space, and cultural landmark where all are free to eat, drink, dance, and bond.
BoCaphe
BoCaphe is a Vietnamese restaurant with a healthy twist, perfect for those looking for a unique dining experience. As a travel blogger, I had the pleasure of visiting this restaurant and was blown away by their offerings. One of the standout features of BoCaphe is their Breakfast All Day menu. Whether you're craving a traditional Vietnamese breakfast or something more Western, they have it all. From pho to banh mi, their breakfast options are sure to satisfy any craving. Additionally, BoCaphe offers a variety of sake cocktails, adding a fun and unique twist to your dining experience. Whether you're a sake enthusiast or just looking to try something new, their cocktail menu is worth exploring. Overall, BoCaphe is a must-visit restaurant for anyone looking to indulge in delicious Vietnamese cuisine with a healthy twist.
Yard House
Yard House is the modern American gathering place where beer and food lovers unite. Known for great food, classic rock, an energetic vibe and endless fleet of tap handles featuring the best craft and local beers, each Yard House location offers 100+ beers on tap along with an array of craft cocktails. Our menu features favorites such as our signature Poke Nachos, street tacos, USDA prime burgers, seafood and steaks. Founded in Long Beach, Calif., in 1996, Yard House now spans across the U.S. with over 80 locations and is open daily for lunch, dinner and late-night dining.

Homemade “smash” burgers. Not really smashed, but I start out with forming them like massive paper thin pancakes and throw them on a hot pan. They contract up, and result in a regular size thin patty (I don’t own one of those fancy smashers). It’s a cross between a smash burger and regular fast food thickness. Topped off with grilled onions, American cheese, and Big Mac sauce.

Yes, the kale is older but definitely not bad. Butternut ravioli, onions and kale, roast, feta/Italian blend cream sauce (vegan). I have a digestive issue so it’s hard for me to eat. I cook whenever I can! Hopefully I can get it down. Plate is about half the size of a regular entree plate. Doing my best!

Delicious Double Quarter Pounder Burger If you’re a fan of juicy, delicious burgers, you’ll love this recipe for a double quarter pounder. This burger has been a mainstay at McDonald’s for many years and is a typical example of a fast food dish. It has lettuce, tomato, onion, American cheese, two quarter-pound meat patties, and a special sauce. This recipe will show you how to make a mouthwatering double quarter pounder burger that will tickle your taste buds and compete with (or perhaps outdo!) those sold in fast food restaurants. Starting with forming the patties and ending with assembling the burger with your chosen toppings,… Recipe in the first comment

The kitchen is on fire. Welcome to the final part of the Vapiano story where the tables are turning. In the first two episodes we followed Mark Korzilius' journey from setbacks to founding Vapiano, a groundbreaking restaurant concept, highlighting its fresh ingredients, dynamic atmosphere, and data-driven operations that drove rapid success. While achieving initial profitability and garnering attention from industry giants like McDonald's, Vapiano's global expansion has led to stellar revenue growth. However, it has also resulted in the emergence of numerous side projects (or distractions), operational challenges, increased costs, significant investments, and a notable accumulation of debt. This underscores the prioritization of top-line growth over profitable growth. We will continue on this thread and see how the story ends, but I would encourage you to read part one and two for better context. Vapiano P1: Italian Food Made in Germany (substack.com). Let's dig in.
Before Going Public
We are now in 2015 and the year is a disaster for Vapiano's PR department. Employee time stamps are being manipulated, endless overtime for employees and high turnover in managerial roles are reported; mice in the kitchen and even rotten food allegedly found.
The company is confronted with allegations of exceeding working hours among trainees in an article published by Welt am Sonntag, while the same outlet accuses Vapiano of manipulating punch times. The auditing firm PwC is commissioned to investigate the allegations and finds that there is no systematic approach but rather misconduct by individual employees, a mistake that’s being corrected. Internal however, investigations into stamp times are carried out regularly now and beyond its obvious reputational impact, this sucks up valuable management time and attention.
In the summer of 2015 CEO, co-founder and investor Gregor Gerlach, who has been running the group since 2011 is stepping down and Jochen Halfmann is taking over. A new Vapiano People Program with an App is being developed with the aim to better interact with customers that will incorporate innovate features such as mobile pay. The German website sees a launch of new magazine to further promote the brand and there is now a full inhouse blogger and Instagram team being installed. In October the company buys seven restaurants from original co-founder, former co-investor and ex-president previously responsible for internation expansion Kent Hahne (2x Bonn, 3x Cologne, 1x Koblenz and one in Cologne that’s under construction). This package of Vapiano restaurants is very successful and generates net sales of more than 20 million euros in 2014. Hahne opened his first Vapiano restaurant in Cologne in August 2006 and in 2015 with his company apeiron AG, Hahne operates six L'Osteria franchise restaurants, a direct Vapiano competitor, and two self-owned restaurants GinYuu.
Then in November of 2015, the next public relations bomb goes off with allegations regarding the company's quality standards. The company immediately investigates the issue through internal and external specialists but finds no evidence of any quality issues. Nevertheless, knowing that the group is now being closely watched, the company’s already in place hygiene standards are being reinforced. Additional audits and inspections are performed nationally. Further, all Vapianos worldwide are being audited twice by the partners SGS Institut Fresenius and SAI Global. Auditing software is purchased to simplify the implementation of the audits and the resulting measures. Apart from the external examinations, there is a food sampling plan in place being performed continuously. Again, all of this sucks up costs, management time and attention. With all these tumultuous developments the company’s growth engine is undeterred. Revenue grows by a whopping 50 million euros to 202 million euros, an increase of 33%. Impressive. While average spent per customer increases in all countries, the number of customers per day in Germany decreases by 3.3% partially due to the negative press towards the end of the year. Five own, four JV and 19 new franchise restaurants are added that year to the group, the total number of own managed restaurants grows to 51, there are 31 JVs and 84 franchises which bringing the total to 166 Vapiano restaurants. Global restaurant sales are now above 400 million euros.
But while revenue grows by an astronomical 50 million euros, operating profits, alarmingly, shrink again. Gross margins are staying perfectly healthy above 75% but operating costs keep growing disproportionately fast. The Company’s outstanding debt jumps by almost 30 million, close to 85 million euros by the end of the year. With operating profits at 9.5 million euros, alarm bells should be going off right now.
In Q4 of 2015, new CEO Jochen Halfmann introduces Strategy 2020. The new strategy includes five essential points. One, profitable growth in the newly defined core markets of Germany and Austria as well as in the UK, Netherlands, France and USA. Two, operational excellence through strict “best practice” management. Three, further development and digitalization of the concept considering guest feedback. Four, greater focus on long-term employee retention and five, building a modern and sustainable IT landscape. Sound’s good on paper but let’s see how things pan out.
Vapiano's investments (capital expenditures) that year are primarily directed towards new restaurant openings, renovations of existing establishments, and share acquisitions in other Vapiano restaurants from franchisees or JV partners. A significant portion of funds is allocated to the digitalization of the guest experience, including the development of a new app scheduled for market release in 2016 and the implementation of a time recording system across all group restaurants. The world's first standalone Vapiano restaurant with a delivery service that year is built in Fürth, Germany. The company keeps expanding its presence in both inner-city locations and international markets, such as Shanghai, China.
To finance all of this, the group has its own operating cash flow which comes in at 18 million while capital expenditures are 26 million euros plus 14 million for acquisitions. The funding gab is filled with 26 million euros of new debt and a seven-million-euro equity raise. At that end of the year and after the equity raise Gregor Gerlach (through his AP Leipzig GmbH & Co. KG entity) holds 30.1%, Hans-Joachim and Gisa Sander through their Exchange Bio GmbH hold 25.5% and the Tchibo heirs, Herz through their Mayfair Beteiligungsfonds II GmbH & Co. KG hold 44,4%.
But for the first time the restaurant’s concept that was so successful to date is being questioned. Some customers are starting to mislike the operational flow of the concept itself. If you want pasta, you must queue for pasta. If you want pizza you stand in a different queue. A small side salad, yet another queue. "You spend more time carrying trays than an actress in Berlin-Mitte. The audience in the pasta limbo can only consist of people who have worked for an insurance company for a long time and, like Stockholm syndrome, they can no longer get away from the industrial canteen feeling," writes TV host Beisenherz provocatively. While overly harsh in his assessment he's not entirely wrong judging by customers venting their frustrations in forums and social media channels. It isn’t uncommon for those who ordered pizza to have already finished eating while there is little movement in the pasta queue. Long term that doesn't go down well, QSRs competitors like L’Osteria are handling this process differently, with much success.
https://preview.redd.it/6cas01oked0d1.png?width=1200&format=png&auto=webp&s=2da6e0b4bc0e07dbee558de412feb414cd598d4a

Tipping Point

Where are now in the year 2016 and things start to deteriorate visibility. Perhaps not for the leman’s eye but any business minded observer can see that there are problems under the hood. Yes, revenue grows yet another whopping 50 million to almost 250 million euros but half of that growth, comes from acquisitions of restaurants that the group didn’t already own 100%, which is now being fully consolidated within the group’s accounts. Here is a concrete example. In the past, Vapiano SE, the group’s top holding company held an indirect 50% stake in a French subgroup via the subsidiary VAP Restaurants SA, based in Luxembourg, and included this as an associated company in the Vapiano SE consolidated financial statements using the equity method. Due to the acquisition of additional shares in September of 2016, Vapiano SE's indirect share in the French subgroup increased to 75%. This means that Vapiano SE takes control of the French subgroup, which is therefore included in the group’s financial statements as part of the full consolidation. The revenue from the acquired subsidiary now recorded in the consolidated income statement amounts to 12.8 million euros. While that’s great for the top line, the loss of the fully consolidated entity equates to 0.2 million euros. Yes, you are buying revenue, but there are losses attached to them, not profits. A similar case is the Swedish entity that runs eight restaurants with revenue of 11.5 million euros but has losses of 235 thousand euros. So much for Strategy 2020 and “profitable” growth.
That year the group’s operating profits are absolutely tanking, halving to 3.5 million euros. Operating profits are now a mere 1,4% of revenue. Remember original founder Mark Korzilius who talked about operating margins of 25% to 28% at the restaurant level? Yes, there are overhead costs for the organization that sits above the chain of restaurants, but operating margins that low indicates a course correction is needed. What’s telling is that in the annual report, in the management discussion section, the company starts talking about EBITDA as a proxy measure of profitability, rather than operating profit or net income. This wasn’t the case in the years before. Is this window dressing for an upcoming IPO? EBITDA is short for earnings before interest, tax, depreciation, and amortization. How can you measure profitability of a restaurant chain that absolutely and unequivocally needs capital investment to maintain its restaurant operations, the very source of cash generation, by simply excluding this maintenance charge (depreciation in the income statement)? Vapiano’s own annual report talks about the fact that existing restaurants must be rejuvenated from time to time and that new interior designs have to be implemented every few years. These things wear and tear, they go out of style, kitchen equipment breaks and needs replacement. This business absolutely needs maintenance capital expenditure, why anyone talks of profits before these maintenance costs is beyond me. Fun fact: in the previous annual report EBITDA is mentioned seven times, mostly around restaurant acquisitions and financing, not however as a profit indication for the group. In the new annual report, EBITDA is mentioned 28 times. Maybe it’s just me but belated Charlie Munger liked to call EBITDA: bullsh*t earnings. When in doubt I stick with Charlie. Interestingly, EBITDA for Vapiano keeps growing while operating and net profits keep falling.
Operating cashflow for the group that year is about 21 million euros, but capital expenditure is 30 million and acquisitions for subsidiaries another 20 million. To finance these expenditures another 28 million euros of debt and 16 million of equity is raised. Net debt rises above 130 million euro. The operating cashflow of the group before any capital expenditures is 21 million euros. I am not sure free cash flow would be significantly positive after maintenance capex is paid out; it’s not broken out so we can’t be sure. Granted, I am not on the ground during this time, and I am not in the board room, I am simply reading what’s in front of me, but to me this is starting to look like a distressed situation. Regardless, the following year the company goes public.

IPO

Where are now in the year 2017 and its Vapiano’s first year as public company. The company’s annual report reads the following “Sales revenue, like-for-like growth (LfL) and the earnings figures EBITDA and adjusted EBITDA are used as the most important financial performance indicators for controlling operational business activities.” The very same report however also says: “The majority of the group's investments regularly go towards opening new restaurant locations and modernizing existing restaurants. The latter are differentiated into regular replacement investments that occur during ongoing operations (Maintenance CAPEX) and fundamental investments in the renovation of a restaurant (Remodeling CAPEX). On average, a restaurant remodeling takes place nine years after opening.” It says it right there in their own report; every nine years a remodeling is taking place. Remodeling and updating is not cost free, so why exclude depreciation charges which reflect capital expenditures? I understand that perhaps you would want to strip out one-off opening costs, that’s fine and fair, but don’t go overboard.
The number of restaurants increases by 26 (previous year: 13) to a total of 205. The increase consists of 27 new openings and one closure. Group revenue grows to an astonishing 325 million euros but here comes the shocker, operating profits turn negative to 25 million. Fine, strip out foreign exchange losses of 3 million, IPO costs of 5.8 million and new opening costs of 6.1 million and you still have 10 million euros of operational losses. All the while the debt load of almost 130 million hasn’t materially changed, so those operating losses are before a six-million-euro interest payment. 184 million euros are raised through the IPO of which 85 million go to the company. This money is earmarked for further expansion as the group has ambitions to almost double the footprint to 330 restaurants by the end of 2020. The company is currently not profitable on an operating basis, and still wants to expand aggressively? I don’t get it. The remaining 100 million euros of the IPO money raised is distributed to co-founder Gregor Gerlach and Wella heirs Hans-Joachim and Gisa Sander. The family office of the former Tchibo owners Günter and Daniela Herz with a 44% stake, don’t sell a single share. After the IPO, 32% of all the company’s shares are now in free float.
One year later, in 2018, things get even worse. Revenue grows to 371 million, but operating losses mount to 85 million euros, that’s before interest expenses of 9 million. Even the beloved EBITDA figure turns negative, meaning the operating business before any expansionary or even maintenance capital expenditures is loss making. All regions are experiencing significant deterioration in their earnings profiles. Like for like sales are down 1% across the board. That’s revenue, not profitability. The question naturally arises: is the Group approaching its natural saturation point here or this operational by nature? The operating cash flow is now 9 million while financing cost are close to 7 million. That leaves 2 million for maintenance capital for 74 own restaurants and 76 joint ventures ones. Describing this as financially tight, would be an understatement.
Things are not looking good at this point. Yet the company still grows restaurants by 26 new sites. 64 million euros are spent on acquisitions, new openings, and maintenance costs, financed through a 20 million-euro equity raise and 72 million of new debt. The Company now has net debt outstanding of over 160 million euros. After the equity raise and by the end of the year 2018, Mayfair owns 47.4%, VAP Leipzig, Gregor Gerlach’s entity owns 18.9% and the Sander couple own 15.5% of the company. Yes, the Sanders and Gerlach may have taken 100 million euros off the table, but they still have substantial skin in the game. Plus, Mayfair hasn’t sold a single share and instead injects more money into the company through the equity round. The stock has now fallen from its IPO price of 23 euros per share to under 6 euros by the end of 2018. Something must be done here. And indeed, there is pivot in strategy and a hard push for change. At last, the management team abandons its aggressive growth plan and curtails new openings significantly. Additionally, the team wants to run a thorough analysis of weak locations to then either discontinue or sell sites. In Europe, the operating focus will be put on corporate restaurants and joint ventures in major cities to ensure the ideal size and location to match the respective demographic target group. Outside of Europe, the franchising business is being expanded and at the same time a consolidation of the existing corporate and joint venture markets is being sought. All future investments will be reviewed to achieve higher rates of returns on new openings. Investments are also being made in the renovation of older restaurants. The goal in the future is to also open smaller formats, like Mini-Vapianos (less than 400 square meters) or Freestander at prominent transportation hubs outside city centers (currently in Fürth and Toulouse) to cater to individual location requirements, and to enter new partnerships. I am not sure why management hasn’t stopped all expansion altogether, bringing the ship in order first, getting profitable, clean up, all hands-on deck before considering any further expansions whatsoever. But again, it’s easy to comment from the sidelines; maybe they saw white spaces that would be covered by competing concepts if they weren’t moving fast and aggressively enough. Although pushing internationally means competing with local players such as Jamie's Italian, Prezzo, Pizza Express, Wagamama, Nando's and many more which brings in its own dynamic.
Management also aims to enhance guest satisfaction. This involves refining operational processes, reorganizing the support center, and refocusing on the core offering: providing fresh and high-quality Italian food at affordable prices for a broad audience. The group also aims to reduce waiting times, especially during lunch, while also improving the evening atmosphere. There is even what I would call an evolution, away from Vapiano’s original concept, reorientating the customer journey. The ordering flow is being changed, offering guests synchronized preparations of all dishes while eliminating wait times at the cooking stations. The open show kitchen remains, staying true to original mantra of freshness and transparency but now guests can choose their preferred method of ordering through a mobile app, using a digital order point (kiosk), or by personally placing an order with a waiter. Guests can still freely choose their table and are then informed about the complete preparation of their order through a pager or their smartphone. This is a substantial deviation from the original concept, but a needed one. The group is also exploring and implementing the expansion of take-away and home delivery services but only at suitable locations, not universally across new openings. I am not sure why home delivery is even a priority here; it adds operational complexity. It’s better to clean up shop first and get back to the basics before adding new complexities. To be fair management does try to simplify. There are 49 different permanent dishes on the menu and additional 10 seasonal ones. Customers can choose from eleven different types of pasta. There is simply too much choice, and it makes orders complicated. The company announced to slim the menu down to its most popular and typical Vapiano dishes. There’s no need for an Asian salad at an Italian restaurant. "We have to go back to the roots, i.e. classic, honest Italian cuisine" says COO Everke. Regardless, in November of 2018, the supervisory board pulls the plug on CEO Jochen Halfmann and replaces him with Cornelius Everke. Everke himself has just become COO five months ago. Since 2017 he was responsible for international expansion. From 2011 to 2017 that role was filled by Mario Bauer – put a pin in that name, he’ll play a key role in the groups fate later. Then nine months later, in the middle of 2019, Cornelius Everke quits. He essentially concludes that his skillset and experience in the areas of internation expansion is no longer needed in the foreseeable future. To put it differently: Vapiano has moved from a growth story and has become a restructuring case, and other skills are required for that job. In June of 2019 Everke says the following “(we’ve) made a bit of a mistake when it came to foreign expansion”. No sh#t. Vapiano postpones the presentation of the 2018 annual financial statements three times in the spring of 2019, citing negotiations over an urgently needed loan of 30 million euros. It’s not until the end of May that a binding loan commitment comes through from the financing banks and major shareholders.
We are now in August of 2019 and the corona pandemic is just around the corner. Supervisory board chief Vanessa Hall takes over as interim-CEO and things are unravelling. Visitor numbers are declining; originally, it was planned to sell the US business but halfway through the year the buyer cannot come up with the money. But not all restaurants are performing poorly. The group's poor figures contrast starkly as an example with the experiences of the Swiss-German franchisee, who runs six restaurants. The Sodano family in Switzerland pays Vapiano a royalty of 6% of sales for the use of the brand. Enrico Sodano explains in an interview that they operate largely autonomously from the licensor. If an “accident” were to occur, he could immediately replace the Vapiano sign with Sodano, he says. The family concluded the rents and contracts with employees and suppliers independently. The Sodano family have six locations in Bern, Basel and Zurich, around one million guests every year and 350 employees. Things are going well on the ground. The delivery service they’ve built is offering them a second income stream. Expansion into Winterthur, St. Gallen and Lucerne are being planned; small locations with 150 to 250 square meters and an attached delivery service. Originally, Vapiano restaurants used to be huge but for such a large restaurant to be profitable, 800 to 1,000 guests per day are needed. That’s possible in medium-sized cities, but not in smaller towns which is why the Vapiano group now also supports smaller formats. Back to our corporate drama. The 2019 annual report would be the last report the group files. By the end 2019 the outstanding debt of the company is at an astronomical 450 million euros. Revenue has grown by another 7%, produced by four net new openings through two JVs and two franchise restaurants but operating losses come in at 317 million euros. That sound like an absolute shocker at first but depreciation and amortization charges are 345 million, so that operating cash flow is actually positive but unfortunately capital expenditures and interest payments are so large that they are eating up all of the company’s operating cash flow. Then in the beginning of 2020 Corona hits with full force and the world shuts down. As a result of the measures to prevent further spreading of the virus, the group is forced to cease all global business operations (except in Sweden). While all these shutdowns are happening, the group is the middle of negotiating with its lending banks and main shareholders. There are additional financing needs for restructuring measures, even without a pandemic happening in the background. The situation is so dire that the company starts pleading to the German government to roll out the package of financial help more quickly. Unfortunately, it’s to no end. The rapid closure of restaurants and the resulting lack of operating cash inflows in conjunction with the additional financing requirements, lead to the company’s final knockout punch. In April of 2020, the Vapiano group officially files for insolvency proceedings. The end of an era.

New Beginnings

Because of the pandemic, the majority of the group's subsidiaries in Austria, the Netherlands, Denmark, the United States, Sweden, and China also file for insolvency or seek liquidation. The US business never gets sold in the end and is wound down. In the summer of 2020, significant group divestments occur, including the sale of 75% shares in the group's French subsidiaries, shares in franchisor companies, Australian subsidiaries, German subsidiaries, associated companies, self-managed restaurants in Germany, and insolvency-related sales in the Netherlands, Great Britain, and Sweden. The buyer of the Vapiano brand and one of these bundles of Vapiano restaurants is company named Love & Food Restaurant Holding, a consortium led by Mario C. Bauer – a name I told you to remember. Bauer was a former Vapiano board member and led the national and international expansion, opening 200 sites in 33 countries from 2011 to 2017 until he was succeeded by Cornelius Everke. Bauer didn’t feel comfortable with the IPO at the time but clearly has a lot of managerial and entrepreneurial talent.
The buyer consortium is an absolute A-Team comprised of European QSR top league hitters, including the founder of the Pret A Manger chain Sinclair Beecham; Henry McGovern, the founder and Ex-CEO of the giant international restaurant and foodservice operator AmRest; the Van der Valk Family that runs hotels and Vapiano restaurants in the Netherlands, and co-founder and ex-CEO Gregor Gerlach. The acquisition value is 15 million euros and entails 30 Vapiano restaurants in Germany, albeit that’s just the purchase price which comes on top of any capital investment needed to refresh and return the sites to its former glory. Nevertheless, just as a thought experiment, if you can get each site to 2 million euros of revenue and 400,000 euros in operating profit on average, which wouldn’t be an overly aggressively assumption given the company’s history, you’ve got yourself a package that can deliver restaurant-level operating profits of 12 million euros or more. It’s not disclosed how much capex was needed to refresh the operations, just that fact that the overall investment plus purchase price was a middle double-digit million-euro figure. Stil, it probably was a decent purchase. The same consortium buys Vapiano’s French business for 25 million euros just two weeks prior. After the transaction concludes, the master franchise is given to Delf Neumann and his Gastro & Soul GmbH. Neumann is an experienced operator, and he is ambitious to revitalise the brand with new services and products. For example, instead of pizza, the restaurants will be serving pinsa - a flatbread made from sourdough, wheat and rice flour, topped similarly to a pizza. It targets a more health-oriented customer base looking for a less calory heavy option. The menu overall is expanded by including a variety of vegan and vegetarian dishes.
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Today Neumann’s Gastro & Soul GmbH operates 18 Vapianos on its own account and has 29 franchise sites, amongst other brands. By the year 2021, Vapiano operates 191 restaurants in 34 countries. This is around 50 fewer sites than before the bankruptcy. The number of branches is particularly thinned out in Germany – from 80 to 55. Nevertheless, Vapiano's home country remains by far the largest market, followed by France with 35 restaurants and Austria with 15 locations. “We have shrunk ourselves to health,” says Bauer in the aftermath and there is no further shrinking planned. Quite the opposite, the smell of expansion is in the air again – pun intended. Not as aggressively as before and with a new menu and ordering process.
Overall, the team around Bauer is filled with industry experts with knowledge and networks gained over decades who have a great track record, a long-term view, and the staying power to let Vapiano breath and finds its way back to success. The pressure of being a public company with all the associated quarterly, half-year and yearly disincentives have been removed. The menu is changed and extended with new types of pasta and sauces with significantly more vegetarian and vegan dishes available. Guests can order with restaurant staff, at terminals or on their phones and there are barcodes attached to the tables identify the respective seat. The food is brought to your table, all at the same time if you are in a group, no more annoyances with waiting in line. There is a plan for smaller, 350 square meter locations, with half the number of guests and significantly fewer staff and less set-up costs required to make the economics work. Locations that capitalize on remote work and increased demand for local lunch options, higher population density with shorter delivery routes and therefore cost-effective in house delivery services are targeted. And Bauer is testing the concept of ghost kitchens, which operate without a dining room or service staff, focusing solely on preparing food for delivery services, which for obvious reasons have a very different operational set up and footprint. Original founder Mark Korzilius however is not entirely convinced. He is not a fan of the pinsa for instance and he considers Vapiano's pizza as its cash cow, flagship product and believes that the core Vapiano proposition of Pizza, Pasta, Bar that has given the company its original success is being diluted. He instead admires the competitor L'Osteria, saying they’ve done a better job by focusing on Italian classics, especially the impressively large pizzas that sticks out beyond the plate is leaving every customer in awe. The guys who run L’Osteria are the same guys who have built Vapiano with him in the first place. Bauer on the other hand, like a true business leader, remains undeterred, stating that he is frequently asked whether Vapiano's restart was bold or foolish. He believes in entrepreneurship, franchising, in his experienced fellow partners and importantly the Vapiano concept. By the year 2024 you can find over 140 Vapiano branded restaurant in 27 countries across the globe, including locations far away from its birthplace like Australia, USA, Columbia, Chile, Bahrain, and Saudi Arabia. And why not? Italian food is, and will remain to be, incredibly popular. Vapiano offers fresh and tasty food at affordable prices in a good atmosphere. This combination of attributes should attract a lot of customers. It certainly has in the past.
For more stories: WIP Thomas Weitzendoerfer Substack

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Easy and Tasty Turkey Burgers Rather than buying readymade burgers, why not make your own? Making homemade burgers means you are not restricted to beef or pork either. In fact, you can make chicken burgers or even these tasty turkey burgers for a treat if you are in the mood for something different. The ground turkey is mixed with garlic, soy sauce, pepper and onion soup mix to infuse it with flavor. You can also add a lightly beaten egg if you want or leave it out if you do not. This mixture should then be chilled in the refrigerator for 10 minutes or until […] See the first comment for a link to the recipe

I used to work in a Subway outside of my town but then I decided to go work for the Subway in my town because they payed more. Those two subways are rivals and the owners don’t like each other and my old manager would tell me about how strict and cold they can be. They had offered me $11/hr instead of the $9/hr that the old one payed me. I just thought “nothing wrong with a little more discipline, i can follow rules how hard can it be!” .. Well i went to work there and i hate it 🥲 I asked my manager if we had breaks on our 9-10 hour shifts and she responded with “mmmm nope no mija no no we do not have breaks here, you can come before work and get a sandwhich but no breaks mija” I know this may sound like nothing to some people but my spine and my legs were killing me. They tell us to come early before our shift to eat a sandwich but won’t let us eat food later during the shift. I was so exhausted and so hungry I was just so nauseous. We also have a rule that we can’t take food home, even if we have payed for it…. what??? there’s cameras every inch of the store and they always tell us never ever be on your phone the owner is always watching don’t you dare use your phone even if you’ve already finished all your work, you have to remain looking busy. I would be done with bread, prep, cleaning, re stocking, and i would still need to be sweeping or pretending to wipe down a table even tho i have just been standing up and lifting things for the past 6 hours. meanwhile the old subway i worked at was so well managed and had a lot of work for us to do yet would still let us sit down and use our phones and play music. This new subway has MOLD on their onions, they prep tons and tons of veggies and meat despite the fact that it’s so slow and the ingredients are going to go bad before they’re even used!! all sauces are in a container drooping together. the old subway had an ipad that told us what to do at every single hour, this subway has fucked up paper clinging for its life oh and the schedule starts at 6:00pm? whenever they fill up the line, they leave the old food at the bottom and continue to stack up new food at the top. The manager also thinks we’re friends and keeps shit talking this high schooler because he keeps checking his apple watch? she told me to keep an eye on him and tell him to get of it but he’s hardly ever on it and gets mad at him for simply glancing at it. When i was working with him he asked if he could buy something to eat it and she texted back “sure!” and then she told me about it and was talking to me about how distracted and lazy he is as a worker and that he should get back to work? WHAT!!!! anyways I never told the old subway i applied to the closer subway so they accepted me back and will pay me $10 and i’m really happy to be going back to my clean organized subway store that has been modernized horribly but we’re not going to talk about that. unfortunately tho the closer subway wants me to start tomorrow at 5-10 but the old subway asked me to work 10-4 ….guess i’m working a double tomorrow. it’s ok, money is what i need not my sanity. my boyfriend told me to just ghost the shitty subway but as much as i hate their working conditions i can’t bring myself to leave some high schooler alone on their shift and to not fulfill the schedule we had agreed on. Hopefully me leaving inspires them to be kinder to their staff and give them breaks💗 and that they won’t be too mad at me because they were really excited to get someone older with experience.