Legare is an Italian-led restaurant launched in 2019 that draws inspiration from countries across the Mediterranean.
The Bermondsey-based restaurant was founded by Jay Patel (formerly general manager at Barrafina and Koya) alongside his head chef, Matt Beardmore (ex Trullo senior sous chef).
Since working with Prysm Financial’s specialist restaurant and hospitality team, Legare’s financial processes have been automated and streamlined, so Jay is no longer relied upon to complete finance-related tasks and can now focus his energies on fine-tuning the concept.
A Neighbourhood Restaurant In London
Legare is a London neighbourhood restaurant in Bermondsey, close to Tower Bridge and London Bridge.
The restaurant focuses on antipasti, fresh pasta (made on-site each day) and seasonal produce. Dishes are changed regularly to try out new concepts and keep customers returning.
Wine is also strongly featured on the menu, and significant thought is given to pairing the food with clean and conventional wines.
Suppliers are picked on a bespoke basis, with British produce being sought where possible. This includes wines being sourced from small Italian producers.
Freeing up time and frustration
Prior to engaging with Prysm Financial, Legare worked with an accounting firm that did not have experience with hospitality clients and relied heavily on Jay to do the leg work.
This took up significant time from the director, and many associated tasks, including chasing invoices and credit notes, that were not adding any value.
Unsurprisingly, this led to limited financial visibility due to data being processed at a slow pace with no reporting.
This work also took his focus away from the more creative elements of running the restaurant and was a barrier to assessing business performance.
Streamlined clunky accounting processes
Since Prysm Financial took over as Legare’s finance and payroll function, all core finance processes automated and streamlined.
Legare has been able to leverage our specialism and experience of running the finance departments of other hospitality clients to maximize efficiency gains.
Prysm Financial’s specialist hospitality bookkeepers chase down missing invoices, process transactions, deal with finance queries, liaise with suppliers and manage your finance mailbox.
This has been enabled by setting up and integrating a fully cloud-based tech stack including Xero, Lightyear and Apron.
”“Since moving to Prysm, we’re now able to ask specific questions so we can better understand our projected sales and far better control our employment costs, which have reduced month-on-month from 42% to 32% of turnover.”
- Jay Patel, Founder of Legare
Providing Financial Clarity with FD level support
By working with Prysm Financial, reliable and robust management accounts are produced soon after month end.
Alongside key hospitality KPIs, the output includes forecasts and budgets so Legare can navigate past obstacles, identify opportunities and grow with confidence.
They can also see how they are faring by benchmarking their performance against our other hospitality clients.
We regularly meet with the directors to review the management accounts, discuss areas for improvement, and plan future scenarios.
These improvements have boosted profitability at Legare and helped the directors make plans to grow the restaurant business by seeking expansion with further sites.
Specialist Restaurant Accountants
With over 30 years of combined experience, our digitally-enhanced finance function provides restaurant and hospitality entrepreneurs with financial clarity and specialist advice to navigate past obstacles, identify opportunities and growth with confidence.
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