In an industry where more than two-thirds of the new entrants fail within the first year and a geographic market that is recognized as a hotbed of competition, the Southern Californian restaurants, Hennessey's, have proven to be a resounding success - demonstrating atypical longevity and prosperity.
Since being founded in 1976 by Paul Hennessey, an entrepreneurial former Wall Street stock trader, Hennessey's Tavern, Inc. has grown from a single location in Hermosa Beach, Calif. into a diversified group spread throughout Southern California that today includes: 10 Hennessey's Tavern and H.T Grill operations, as well as the renowned Lighthouse Cafe jazz club and The Fish Bucket - a casual "beachy" concept.
The company's sales have risen rapidly, as well, since its early days. Hennessey's Tavern, Inc. boasted total revenues for 2005 of approximately 30 million dollars.
Mr. Hennessey credits the company's success to the fact that it has found a market niche and not deviated from it, even as Hennessey's Tavern, Inc. has continued to expand. He said he believes his dining and drinking establishments emphasize good food and ambience, but shun the flash-in-the-pan trends and gimmicks that are common among his competitiors. The final product, Mr Hennessey believes, is the traditional cozy or clubby feel indigenous to Irish or English pubs.
"I saw the need for nice gathering places with relaxing environments," Mr. Hennessey, referring to the Southern California market niche that he
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