Today, LM Restaurants Inc. will close New Bern Subs due to a realignment of its growth strategy. New Bern Subs was the only fast food restaurant left in the LM Restaurant portfolio.
With the recent relocation of the authentic Greek restaurant, Taverna Agora, the grand opening of the 27th Carolina Ale House last Monday in Garner, North Carolina, and multiple other restaurant and import projects in the pipeline, Lou Moshakos, founder of LM Restaurants, decided it was time move away from fast food. Lou says, “We are sad to let New Bern Subs go, but our company is moving in a different direction.” He adds, “All of the employees will have the opportunity to apply for positions at any other restaurant managed by LM Restaurants.” Ronnie Flowers, the general manager of New Bern Subs and a longtime LM Restaurant employee, has accepted a manager position at the Carolina Ale House in Durham.
The hospitality management group has made significant strides over the past 24 months to realign its business model, focusing on the growth of its Signature Brand portfolio, committing to several more Carolina Ale House locations in the South East and launching an import business of Greek gourmet products.
Under its Signature Portfolio, the group is poised to open a Mediterranean restaurant underneath the Carolina Ale House at 500 Glenwood Avenue in Raleigh late this year. The company also has purchased property in downtown Wilmington, North Carolina, on Front Street that they will remodel as a brewery and restaurant in 2016. Additionally, the group has acquired two waterfront properties in South Florida that are undergoing concept creation and will open in 2016 and 2017.
As for the Carolina Ale House brand, at least three more locations will open in Chapel Hill, North Carolina, Virginia, and Florida before the end of this year.
These restaurant projects, coupled with the import business LM Restaurants launched last year called Flying Olive Farms, will drive the hospitality group’s future growth. Flying Olive Farms imports gourmet products from Greece, including Vrisi36 Olive Oils, Mustards, and Balsamic Vinegars; Mastiqua Sparkling Water; and various Greek wines.
“We are excited about the future of our company,” says Amber Moshakos, VP of Corporate Affairs. “The development of more Signature Brand restaurants, the expansion of the import company, and continued growth of Carolina Ale House will help to diversify our company’s business model and achieve the expansion goals we have set.”