I.
The Chef’s Market is an intently focused Chef driven concept on bringing A Butcher Shop and Retail Outlet (equipment already on property). Food hall on main floor featuring a street food/taco stall, Cheese Stall with anything made with cheese. A coffee/ Cocktail Stall using coffee as main ingredient. House brewed beers and distilled spirits both 10 barrel systems (already on site), the main bar will feature 16-20 house beers,12 cocktails on draft and 16 wines on tap(all equipment already in place), The market will also feature duckpin bowling (6 lanes already installed/ dartsee games (3 Boards already installed), 2 shuffleboard tables (already on site), Pinball and arcades ( still working on). At the bar will be queen/skill machines (4 ea)
II. EXECUTIVE SUMMARY
Kenny Sloane Jr. is the founder of The Chef’s Market (will be referred to as TCM) would like to personally thank you for taking the time to investigate this proposal. Mr. Sloane has an inspiration to bring a quality European style market and butcher shop paired with multiple styles of eateries, entertainment, a brewery & distillery with catering to the Peninsula area of Virginia. Sloane believes establishing the catering base will prove to be a vital piece in the structure of this concept alongside the others. Mr. Sloanes experience in the culinary arts is extensive as he Graduated from Johnson & Whales University and trained under the chef’s Rob Robertson and Bo Perkins of Commanders Palace and The French Laundry respectively. While there are venues that are similar to TCM in Virginia, there are none that replicate it and these businesses will pale in comparison to the quality and customer service that Sloane and his team are planning to execute within its customer base. TCM will find its local target market and demographic within the Oyster Point and Denbigh area of Newport News Virginia simply for the sales generation power it contains within this base. It’s no secret that quality ingredients come at a high cost, Chef Sloane also feels that offering inferior products simply to decrease pricing is a prime example of what is flawed in the previous models that have failed, or are failing to grasp this concept accurately in the past and present. These concepts are outdated, uncapable of keeping up with trends and have the wrong building design to maintain success coupled with aggressive growth.
Though Chef Sloane understands he is not the inventor of this concept he is an innovator of how to best execute and manage the profits through high sales from exotic and high-quality foods. He will also be operating a brewery and a liquor distillery inside of the European Style Market and Food Hall. The management of TCM has decided that the Oyster Point City Center was the correct place to lease and begin construction along with the proper site proposal, Sloane and his team understand the dire importance of getting the right people involved in this project. If the right team is not put together in the beginning than the business will never attain its full potential. Adequate systems for all processes will be assigned to every aspect of this business.
TCM will take an active role in the ‘slow food movement’ that has been making its presence felt in the nation over the past few decades. Chef feels this is an extremely lucrative idea with a very high ceiling for growth and earning potential for initial investors. With its countless revenue streams, there are ample ways to bring what matters to the bottom line. Dollars. Sloane has millions in sales at his other venues and this was done with the assistance of an SBA loan taken in 2019 that remains in good standing. Through discipline and vision this project has come to life and is only waiting on this investment to bear fruit.
This is a new concept for the area that will bring many different experiences under one roof. Sloane Executive Chef and owner of four of the best restaurants in Hampton Roads with a very reliable name and reputation for quality and dining experiences. Beginning a career being on the outer banks of North Carolina where he practiced and perfected his seafood cookery. He owned his first restaurant there for 3 years until deciding to move back to Virginia in search of more consistent, reliable sales.
FIN (Annual Revenue 1.6 million) For the past 14 years Chef Kenny has owned and operated Fin Seafood also in Newport News, this restaurant has been voted the best fine dining restaurant in the Hampton roads area by Coastal Living Magazine. Sloanes mother and younger brother are managing the restaurants day to day operations.
FIN & TONIC (Annual Revenue 1.9 million) Was Sloanes opportunity to take his food back to where he came from. Graduating from a nearby High School, this was an easy place to integrate and get into the community. This is Chef Sloanes’ second restaurant focusing on Seafood and some high-end cuts of Beef with its unique speakeasy hidden Cocktail Bar has two separate bars and 3 individual dining rooms and offers a 3-5 course tasting menu nightly to emphasize the entity of experience that the food and service style should create. Strong Sales through Fin & Tonic have paved the way towards its 5-year mark. At this location Sloanes daughter heads the Management team to continue the family run business.
STEAK & TONIC (Annual Revenue 2.6 million) His third restaurant; Steak& Tonic, is an upscale steakhouse restaurant with a hidden speakeasy behind a wine wall at the entrance. Located in Newport News at The City Center at Oyster Pointe 1st year sales passed expectations, alerting Sloane and his team that he has the blueprint for success. Focused on unique/ obscure meats is what has been a large part of the draw to the consumer base, but Chef Sloanes’ reputation is growing and speaking for itself. Its overnight success shows just how dedicated to the craft the entire operation has been. This success comes from strong leadership and a clear understanding or running a business. Chef Kenny’s son is in charge of the management at S&T, again furthering the strength of this family operated business.
Amaro Italian Bistro (Monthly Sales of 100K) Fourth restaurant located at the City Center at Oyster Pointe in Newport News was a chance to diversify the target market. Opened in the fall of 2023 Sloane wanted to capture dollars from a separate market without sacrificing the quality of what has made him successful thus far. So, change the cuisine. Lower food cost items such as Pizza, Pasta, Salads and other indigenous regional Italian dishes keep food cost and pricing more affordable to those the company is not capturing at the other restaurants. It has a center show case wine cellar, with open kitchen for brick oven pizzas and House Made Pasta Dishes. Chef Kenny has been overseeing operations at Amaro while working on the Chef’s Markets opening.
The Chefs Market (Target Sales 7.2 million) A wide variety of revenue streams this will be a successful project with more than 8 ways to bring in revenue. Our main goal at this location is brew and distill, butcher meat and cut onsite, operate the butcher shop and deli with all the products that are being sourced wholesale will then be purchased, fabricated and sold back to the restaurants at the same retail price another broad liner such as Sysco would be. TCM will self-distribute to all 4 of the other restaurants. They will depend solely on the Chef’s Market for Beef, Poultry, Game Meat, Fish, Sauces, Sausages, Jams, Assorted Pickled Items, and more dry inventory as well including oil, spices, flour, sugar etc. As he will be obtaining the licenses needed to buy direct from Fishing boats, Major Meat Packers, Farmers, and all others needed to be considered a true wholesaler. $250,000 has already been put into some of the inventory and equipment. The restaurants themselves will be TCM’s largest revenue stream, and they are already in business and doing well. Therefore, The Chefs Market will open its doors to being supported by the strength of the company it is already a part of.
The next revenue stream would be the brewery/distillery a 10-barrel system which has been purchased and delivered that was $300,000, Chef Sloane made this investment early to alleviate the long shipping times and show an investor the commitment to this investment. Having its own distribution company so that we can save on the cost of logistics from more of our profits and also be able to buy wines direct, is going to help TCM pay for this Heavy financial investment of cash. We will have wine and beer dinners in our event space in the market that we will focus on small batch brewing and special beers for sale for our beer club members. We will have member beer lockers to keep their own supply. Backing off the brewery will be our distillery revenue. We will be able to direct use our spirits in house for cocktails at our bars in the market. We will have cocktail dinners in our event space to bring in additional revenue. We can sell direct to customers from the market retail. The next big revenue stream will come from the market kitchen that has a constantly rotating special menu utilizing trim from the production of the commissary kitchen. So, all of this food will be paid for by the restaurants. There will be very low to no food cost on many, many items. With food stands and bars inside the market that will include a pizza & pasta bar with different wine, Refined tacos and tequila cocktails and margaritas on tap with a wide selection of good sipping tequilas.