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Who owns Fifteen?
Two companies. 85 per cent of the shares are owned by OPG Management Pty Ltd and 15 per cent by Unche Pty Ltd
How much will it cost to run The Fifteen Foundation?
Lauren Oliver, director of the Fifteen Foundation tells The Age “the foundation needs A$1.2 million a year”.
From Fifteen Foundation UK: “The total amount of money we need for 2006 is around £500,000.” That’s about A$1.25 million.
It costs a lot more to do things in London. How come as much money is needed in Melbourne? I thought it would cost less here.
How much has been invested in Fifteen Melbourne?
According to The Age, The Victorian Government pledged $174,000 towards the project. I’d like to know whether this money went to the foundation or the restaurant. According to The Age, Fifteen Melbourne has cost its owner, Melbourne-based property developer Adam Garrisson at least $2 million to buy the Momo business and set up the restaurant.
Couldn’t they have moved into a empty location and saved buying Momo, if that is in fact what they did?
How much of the profits go to the foundation?
About a third we are told. Nothing definative but about one-third.
How much will the restaurant make?
It costs $90 a head and there are 90 seats. I am assuming Fifteen is 100% full, say $20 is spent by each person on drinks and that each chair is occupied two and a half times a day. That’s over $24,000 a day. To put this in perspective I believe Café di Stasio in St Kilda, with 60 seats turns over about $60,000 a week. Fifteen restaurant must be potentially a $7 million to $9 million business. Restaurants are nowdays lucky to make margins of 5 per cent which would make the profit $350,000 to $450,000 each year, about $115,000 to $150,000 going to the foundation. If in fact they are making a much higher margin, say 10 per cent as they probably are, then the restaurant’s owners trouser $460,000 to $600,000 and the foundation $266,000 to$300,000. That’s a long way from the $1.2 million needed by the foundation.
Will the Fifteen Foundation work?
I hope so but can’t see where $1.2 million will come from.
Will Fifteen, the restaurant work?
Oh yes. With the publicity generated from a reality TV show it is already booked out in the evenings into the new year. Lunchtimes, I understand, are easier. This restaurant will be one of the most profitable in Melbourne. Some may call it profiteering; others charity. Not even are Vue du Monde or Tetsuya’s are so booked out.
With Stephen Downes banned can I find a review of it?
Vicious Ange went on Saturday night.
Why isn’t Fifteen transparent with it’s figures?
I have no idea. Something to hide? Like who is really making all the money.
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Keep up the good work! But let’s hope in the end this is more Media Watch, than A Current Affair
Andrea, not sure about Media Watch which is a bit weak nowadays. But let me assure you the full story will be out in a very respectable publication soon.