UK MARKET PERFORMANCE – Same Store Sales (SSS) Overview Performance during 2026W7 (Week ending 02/15/2026) Total Restaurant Cohort: SSS: +1.2% YoY | +19.3% vs prior week Indicates a strong WoW rebound across the market. Fine Dining: SSS: +4.4% YoY | +26.3% vs prior week Outperformed the broader market on both YoY and WoW metrics. Upscale Casual: SSS: –2.1% YoY | +14.3% vs […]
The dining landscape in Washington, D.C., is currently a sobering reflection of the broader economic pressures hitting the restaurant industry nationwide. As 2025 draws to a close and the calendar turns toward 2026, the sheer number of shuttered windows and “For Lease” signs in the capital serves as a stark warning. With 92 recorded closures this year, […]
The UK’s latest Autumn Budget, announced in November, introduces a combination of budget adjustments and limited relief aimed to cut the cost of living and tackle inflation. While the budget introduced some welcome reforms for business rates, these measures are largely overshadowed by significant structural cost increases, particularly soaring wages, and a continued squeeze on […]
In times of economic uncertainty, the hospitality industry is affected by equity-market downturns that can create revenue-crushing reactions – hurting both consumers and operators alike. Looking back at the most recent recession, dining out dropped 8.8% in December 2007–June 2009, relative to pre-recession period levels. The severe, sustained market crashes coincided with marked contractions in […]
After years of navigating shutdowns, shifting mandates, and rising costs, hospitality operators entered 2025 with cautious optimism. But just as a sense of stability was returning, a new challenge emerged: sweeping tariffs that are reshaping the financial landscape. Universal tariffs implemented since January are not just headline-grabbing discussions. They are significantly impacting the cost of […]
A global epicenter for innovation, luxury, and growth, Dubai has seen a 9 percent increase in global visitors in 2024. On its way to becoming the world’s most-visited city in 2025, the emirate continues to attract leading hospitality brands –– from IHG Hotels & Resorts to acclaimed restaurants like Nobu, Carobone, and Zuma’s plans for […]
There are two types of restaurant promotions: the kind that fizzles out like a broken tap line and the type that drives customers through the door and increases ticket spending. The difference? Strategy. For fast-casual restaurants, big-ticket sporting events like the Super Bowl and March Madness are as much about strategic planning as the food. […]
The year 2024 was a milestone for the UAE’s hospitality sector, solidifying its status as a global powerhouse in tourism and hospitality. From the vibrant energy of Quick Service Restaurants (QSRs) to the sophistication of fine dining, and from opulent luxury hotels to charming mid-scale accommodations, the industry experienced a remarkable resurgence. Here’s a closer […]
The United Kingdom recently announced its Autumn Budget for 2024. The government sought to use taxes and higher borrowing to finance increased public spending. Here are three of the main takeaways from this year’s budget that operators in the hospitality industry should be aware of:
Despite entering a period of recovery post-pandemic, the restaurant and hospitality
industry is growing as it adapts to evolving consumer trends and a looming potential
recession. At the forefront of this growth is QSR and fast casual franchises.
Food and beverage establishments are the cornerstone of social interactions across the globe. Celebrations, business dealings, and even grieving happens over a meal or a beer. Collectively, people rely on the food and beverage industry as a way of life, but also to make a living.
Your London restaurant is an enormous success and now you have your sights set on bringing your concept to The States. But, tourism and restaurant opportunities are high in Dubai, so your upscale-trendy menu could fare well in the growing market. Better yet, a second London location may work.
Amit Monga serves as the global Chief Operating Officer for Paperchase Accountancy. Amit is an accomplished senior leader with 25 years of international, multi-industry experience across technology, manufacturing, and R&D working for Top MNCs across the globe in senior leadership roles. Serving most recently as Managing Director for Litera at India, he successfully founded the India Centre of Excellence enabling 5X revenue growth for the organisation. Prior to this, he served as Managing Director for Thomson Reuters HighQ in India, where his organizational transformation efforts were key to manifold increase in company enterprise valuation within 30 months. Amit combines commercial acumen with operational prowess, specializing in scaling multi-geography organizations, M&A integration, and forging strategic partnerships to deliver accelerated business outcomes.
Rajesh Bhardwaj is an entrepreneur and restaurant operator and consultant with decades of experience in the industry. He co-founded Café Spice, grew it to 12 units, and later launched Michelin-starred Junoon in New York. In 2023, he opened Jazba, an upscale casual dining concept. Rajesh has also led projects like American Gymkhana in Orlando and Doha, and Loya for Taj Hotels across India. With a global background in hospitality, he continues to shape Indian dining on the international stage.
Chef Jae Lee is a dynamic and acclaimed culinary leader with over 15 years of experience, and the owner of Nowon. Immigrating to NYC at age eight and starting his culinary journey at 18, Jae quickly ascended through esteemed kitchens, becoming Executive Chef at Momosan Ramen & Sake and Hotel 50 Bowery. Following the success of his "Him" pop-up, he launched Nowon, a critically acclaimed Korean-American restaurant that has since expanded to multiple locations, including a second outpost in Bushwick and its first out-of-state venture in Boston, with further expansion planned.
Dynamic and commercially focused CFO with 20+ years of global leadership in hospitality and F&B across the UK, Middle East, Europe, Asia, and the US. Recognized for scaling operations, driving financial and digital transformation, and enabling cross-border expansion. A strategic yet pragmatic finance leader with boardroom credibility, operational depth, and a proven track record in optimizing financial performance, governance, and investor relations.
Clinton D. Fendley was appointed Chief Financial Officer of &pizza in December 2023 after having served as Chief Financial Officer of Rave Restaurant Group, Inc. Mr. Fendley served as an officer of Rave Restaurant Group, Inc. from January 2020 until November 2023. Previously, Mr. Fendley was employed since 2015 in the international division at 7-Eleven, Inc. Mr. Fendley began his professional career as an auditor with Price Waterhouse LLP, an international accounting firm now known as PwC. He is a Certified Public Accountant licensed in Texas.
Cem Buyukkaya is the Chief Investments and Finance Officer at Dream International, a holding company that invests in and operates leading luxury lifestyle restaurant brands across more than 15 countries. The group’s portfolio includes globally recognised names such as Amazonico, Coya, Nusret, Zuma as well as Gattopardo and Bar des Pres. Cem leads the group’s investment strategy, business development, portfolio management, and finance operations. He joined Dream International in 2019, following his role in the Investments and M&A team at Doğuş Group, where he focused on cross-border transactions in the luxury hospitality, retail, and maritime sectors. His early career included roles at PwC and in corporate banking.
Cem holds a BA in Economics from Anadolu University, an MSc in Finance from Dokuz Eylul University, and a Master of Legal Studies in EU Business Law from the Vienna University of Economics and Business, where his thesis focused on legal due diligence risks in the hospitality sector. He is currently pursuing an Executive MBA at the University of Oxford’s Saïd Business School and is a Certified Public Accountant.
A finance professional with 16+ years of experience in hospitality accounting, financial strategy, and business development. Versha specializes in client success management, process optimization, and strategic partnerships, driving revenue growth and operational efficiency. She works with businesses of all sizes, from independent operators to global hospitality groups, providing tailored financial solutions that support expansion and long-term success. With strong interpersonal skills, she builds lasting client and partner relationships, playing a key role in strengthening Paperchase’s global presence through industry insights and innovative financial strategies. Versha is dedicated to delivering exceptional client experiences by integrating smart financial solutions, streamlining operations, and fostering meaningful collaborations that drive sustainable growth. Her ability to communicate effectively across all levels ensures seamless financial management and strategic decision-making.
Versha Uttamchandani
Head of Partnerships & Account Manager, UK
Ruhel started his career as a barback in some of New York’s hottest clubs while he earned his accounting degree. After working in the finance department of several restaurants, he joined Paperchase 8 years ago and is currently serving as a senior account manager. He manages an array of clients across New York and the US from QSR chains to local icons of fine dining. He is one of the veteran mentors of Paperchase’s Restaurant Finance 101 webinars.
Ruhel Ahmed
Senior Account Manager, USA
A seasoned Chartered Accountant with 15+ years of experience in accounting and finance within the hospitality industry. At Paperchase, I specialized in client success management, process optimization, budgeting and forecasting, implementation, weekly analytics, and client onboarding. Committed to leveraging technology to improve operational efficiency, build lasting client relationships, and align business strategies with stakeholder objectives. Recognized for a robust technical skillset and exceptional interpersonal communication across all organizational levels.
Jasmin Chovatiya
Business Finance Manager, UK
Hirnav Patel is an accomplished Chief Information Officer at Paperchase, with extensive experience in IT infrastructure, cloud technologies, and information security. With a strong track record in the outsourcing and offshoring industry, he leads global IT delivery, resource management, and strategic technology initiatives to drive operational efficiency and innovation. Hirnav specializes in compliance frameworks such as ISO 27001 and GDPR, ensuring data security and regulatory adherence across global operations. He has deep expertise in IT modernization, migrating legacy systems to the cloud, and optimizing IT resources. His technical proficiency spans Microsoft 365, Azure, server administration, and network security, making him instrumental in designing and implementing robust IT environments.
Hirnav Patel
CIO
Bimal is a Chartered Accountant by qualification and a coder by passion, joining Paperchase in 2013. Driven by his passion for developing software products, he has developed various software solutions and automation across different platforms, including Web, iOS, and Android. These solutions have enabled businesses to achieve increased productivity through process transformation at all levels. Currently, Bimal leads a global software development team at Paperchase, with the ambitious goal of transforming the company into a “Technology First” organization. He implemented Paperchase’s online portal to streamline client communication and reporting. His current focus is on activating partner accessibility to the portal, driving real-time reporting to our clients, and delivering real-time AI solutions to our clients.
Bimal Desai
Product Manager
Shaunak is an experienced and innovative entrepreneur who has helped launch and scale businesses in different industries. He is the Co-founder and CEO of STADIUM and SnackMagic. In addition to the entrepreneurial ventures, his career spans financial technology and investment management with senior roles at Novus – a fintech firm based in NYC, SAIL Advisors- a multi-billion-dollar family office based out of Hong Kong, ING Investment Management, and SEI Investments. Shaunak’s startup company Stadium was able to grow a new business SnackMagic, entirely during the lockdown. The company switched gears and transformed from being a meal delivery service to offices, to delivering “build your own box” snacks to remote workers during the pandemic. He is a long term investor in Paperchase. His marketing abilities and business growth skills add value to Paperchase’s branding and operation as expansion continues.
Shaunak Amin
Industry Expert
Zahir joined BGF in 2018 as part of the Investment Team in London. His main role is to identify and execute investments. Before BGF, he worked in KPMG's Corporate Finance team advising owner-manager, corporate and private equity clients on a range of mid-market M&A transactions. He spearheaded the funding process for Paperchase, allowing for continued expansion of our services.
Zahir Kasmani
Advisor
Nitin Thakor is an entrepreneur, futurist, investor, advisor, and philanthropist who is building his legacy in the service of budding entrepreneurs. He is the Founder and Chairman of GeBBS Healthcare Solutions and CEO of The Thakor Family Office. A widely recognized thought leader and trendspotter in healthcare, he continues to forge new inroads into innovation and champion value-driven, technology-enabled solutions. He advises Paperchase on business growth as it enters the next stage of expansion.
Nitin Thakore
Advisor
Steven Clarke is a highly experienced investment professional and board advisor. He currently serves on the boards of three software businesses—QV Systems, Reactive Technologies, and Planixs—where he works with founders and growth-focused investors. He is also an independent consultant advising scaling businesses, particularly in the technology sector. Steven serves as Chair of the Bethnal Green Ventures Investment Committee. In 2024, he was appointed Chair of Loughborough Business School, where he leads the Strategic Advisory Board supporting the executive leadership team. He joined Paperchase as a nonexecutive chairman. His skills in market leadership are an invaluable asset to Paperchase.
Steven Clarke
Non-Executive Chairman
A seasoned Chartered Accountant, boasts over 15 years of dedicated service with Paperchase Accountancy, specializing in catering to the intricate accounting needs of the hospitality industry, particularly within the dynamic Middle East region. Renowned for his technological proficiency and dynamic leadership, he spearheads the optimization of back-office operations, diligently enhancing process efficiency for our esteemed restaurant clientele while fortifying their financial frameworks. Bhavin excels in translating client requirements into tangible financial triumphs, fostering profound trust among investors, proprietors, and teams alike. His collaborative ethos and unwavering commitment to ongoing refinement have propelled Paperchase Middle East's hospitality clients toward unparalleled success, cementing his role as the driving force behind their triumphs.
Bhavin Gandhi
Assistant VP, Middle East
With over 14 years of leadership at Paperchase, Maulik is an expert in understanding business dynamics and offering tailored solutions to enhance business operations. Under his guidance, PBSL excels in accounting, VAT, tax payroll, and end-to-end back-office operations. He consistently introduces innovative strategies that streamline operations, increasing efficiency leading to client satisfaction. He has seen tremendous growth due to his expertise in bringing clients on board and maintaining long-term partnerships. He is a man of discipline, dedication and reliance and this is what makes him distinct from his peers. His motivational skills enable his team to perform to best of their abilities
Maulik Patel
Director PBSL
Dimitre joins the Paperchase team with a decade of experience in corporate finance. He has successfully guided clients to secure over $115 million in debt & equity funding within the hospitality sector. As a former Senior Associate at Triple Enterprises (now Paperchase), Dimitre led the corporate finance division, focusing on financial advisory, M&A and fundraising for restaurant groups. He managed deal origination, due diligence, and valuation. At Triple Enterprises, he worked with notable brands such as Stonefire Grill, Novikov [Franchisee], Casa Cruz, Dog Haus, Pouring with Heart, Seaspice, Pitfire Pizza, Superba, and American Beauty. He also founded DK Financial Consulting, a firm that offered strategic finance, underwriting and fundraising advisory to restaurant groups, real estate private equity, and startups. He also served as a finance manager at Falcon Water Technologies, a water tech company, where he handled corporate development and M&A activities. Dimitre started his career as an equity research analyst at Taylor Frigon Capital Management. He holds a finance degree with honors and an economics minor from Cal Poly, San Luis Obispo, where he was recruited on a tennis D1 scholarship. He has also passed CFA Level II. He enjoys traveling, reading and playing chess in his spare time.
Dimitre Krouchev
VP Corporate Finance
With over 7 years at Paperchase UK, Vishal thrives on tackling challenges for high-end hospitality clients. He's a client champion, translating needs into financial success, and a tech-savvy leader streamlining processes for efficiency. A master communicator and motivating force, he builds trust with investors, owners, and teams, driving operational excellence with his collaborative spirit and dedication to continuous learning. He's the engine behind Paperchase UK's hospitality client success.
Vishal Sharma
Director of Operations, UK
As the Brand Development Director, Caroline is committed to developing quality client and partner relationships and strengthening Paperchase’s reputation globally through education and content. As a natural-born hospitality fanatic, at an early age, Caroline could be found pouring through Zagat guides like they were picture books. She’s successfully parlayed this passion into a successful career in client relations for luxury hospitality companies. She has worked with VIP clients at top hotels and restaurants like Faena Hotel in Miami and Le Bernardin and honed her relationship management skills by overseeing private membership communities and restaurants. When she’s not meeting with clients or collaborating with the Paperchase team to develop new initiatives, you can find her paddleboarding to the nearest spit of land or making a pot of slow-roasted ragu.
Caroline Scannell
Brand Development Director
Hotelier by education and foodie by choice. Manit educated himself in hospitality from the Oberoi Group of Hotels and Resorts and then moved to specialise in Food & Beverage with the ITC Hotel group in India. Post this he managed different food & beverage operations in hotels before moving to Dubai in 2014 to pursue his MBA in Marketing and HR. While doing his MBA, Manit joined Zomato in Dubai as a sales manager and worked with them for almost 7 years. During this time, he was part of the launch team of various products including Zomato Online Ordering which grew to become one of the biggest food delivery platforms in the UAE. Over his time, he helped build various sales and account management teams and mentored new team members. At Paperchase, Manit is the Business Development Head for the UAE market and is focused on growing the brand and adding more clients to the existing portfolio.
Manit Singh
Business Development Manager, UAE
With an academic, professional, and family background in hospitality it feels like Marc was destined to join Paperchase as our Business Development Manager. After gaining his BSc (Hons) in International Hospitality Management, Marc chose not to follow his father and grandfather into the kitchen, and instead opted to pursue front-of-house roles in his hospitality career. This led him to gain customer-facing experience in establishments such as the London Mandarin Oriental, the Michelin stared ‘The Foliage’ and the Savoy before joining Paperchase where he is responsible for developing new client relationships.
Marc Bertorelli
Business Development Manager
Philip Gay since 2010 has founded and run Triple Enterprises which is focused in multi-unit operations, featuring the restaurant industry. Principal focus is in financial infrastructure (back office), operations, consulting and advisory work, Triple Enterprises have a proven track record of operating, buying, selling and financing high quality companies. The Firm’s network incorporates more than 30 years in financial services and corporate growth initiatives, having built countless relationships with investors and executives. He also has sat on the board of Motorcarparts of America, currently a $1/2B revenue company (Nasdaq symbol “MPAA”) since 2005, serving as general board and audit chair.
Philip Gay
Partner
With over a decade of experience in finance and international firms like Nomura and EY, Ruchika Mundhra leverages her expertise to drive operational excellence as Director of US Operations at Paperchase. A master of streamlining processes and maximizing profits, she empowers restaurants with insightful analytics, audit readiness, and a keen understanding of their unique financial landscape. Passionate about building relationships, Ruchika translates complex data into actionable insights, making her a trusted advisor and the engine behind Paperchase's success.
Ruchika Mundhra
Operations Manager, USA
Ryan serves as the global CFO of Paperchase Accountancy, bringing over 15 years of financial leadership experience across SaaS, professional services, and fintech sectors. He began his career at PwC and has since held senior finance roles at multiple high-growth organizations, driving operational scale and strategic transformation. A licensed CPA and CFA charter holder, Ryan specializes in fundraising, operational efficiency, and go-to-market strategy, guiding companies through periods of rapid growth and evolution.
Ryan Heiling
CFO
Nish Patel is the global CEO of Paperchase Accountancy, a leading outsourced accounting solutions provider that specializes in serving the hospitality industry. The company, founded in London over 30 years ago, now boasts offices in London, New York, Miami, Los Angeles, and Dubai, and works with clients across the US, UK, Europe, Middle East, and Far East. Local account handlers are supported by a robust back-office operation in the founders’ hometown of Ahmedabad, India. Nish received his Bachelor of Commerce from Gujarat University, then moved to the UK to pursue his master’s degree at the London School of Accountancy & Management, graduating in 2006. For the last 15 years he has worked in various FP&A roles for restaurant groups, eventually being dispatched in 2010 to open US operations for Paperchase, and then ascending to the role of global CEO in 2022.
Nish Patel
CEO
Director and founder of Paperchase Accountancy, Aku previously pursued a career at Deloitte, before following his passion for hospitality and establishing Paperchase with his brothers in the late 80’s, which is now the UKs leading hospitality accountancy. His fascination for how restaurants work stems from his childhood experiences, whilst helping to run his parents’ restaurant in Kenya with his brothers, an interest that hasn’t escaped him after 30+ years. Aku regularly shares his expertise and experience to help restaurateurs achieve success, having worked with leading brands, such as Zuma, The Fat Duck, The Ledbury and COYA since their inception. Continuing to support hospitality brands across the globe in the UK, USA, Europe, Asia, the Middle East and Africa, Aku is enthusiastic about seeing hospitality businesses flourish and remains committed to helping them successfully adapt to the fast-paced environment and competition within the industry.
Aku Patel
Founder of Paperchase
