Business
Award Winning UK-Based SL-Themed “The Coconut Tree” Restaurant Brand Launches in Sri Lanka
A multi-million-pound, award-winning SL-themed restaurant chain started from scratch by Sri Lankans living in the UK, “The Coconut Tree”, officially launched their brand in Sri Lanka on the 17th of February 2023. Having achieved wild success in the UK for showcasing the flavourful and colourful tastes of Sri Lanka, “The Coconut Tree” is now ready to franchise its brand here in Sri Lanka, helping to further invest in the local food service industry and local talent, as part of its global expansion initiative.
The official launch event was held at the Hilton Colombo with the participation of the founders, dignitaries and guests. Many investors and influential stakeholders within Sri Lanka’s food service industry also attended the event.
Discussing the launch, Mithra Fernando – CFO at The Coconut Tree said, “What began as a hobby and a passion for marrying Sri Lankan culinary flare and British pub culture has now grown into a major business that is looking at global expansion, and this is our grand return home to Sri Lanka. We want to bring back what we’ve learned to Sri Lanka, and help to use our success to create further value here. As it is, we work with local producers in Sri Lanka, from brands like Ma’s Kitchen to various small suppliers for our spices and other ingredients. This is providing them with direct access to the UK and an important stream of export revenue. We want to be able to further expand opportunities for local producers. We want to bring our signature “Coconut Tree” experience here to Sri Lanka; exceptionally authentic Sri Lankan food, complemented by the classic British drinking culture and our range of Sri Lankan-inspired cocktails. We want to help Sri Lanka grow with us!”
With a successful track record of building a 10-million-pound business with a team of 300 people, the founders are confident in their ability to create value and establish a unique food experience for both locals and foreign visitors. Through a franchising model of operation, the team is preparing to provide investment opportunities for Sri Lankans interested in joining their venture and supporting the Chain’s ambitions of global expansion.
The Coconut Tree has won multiple awards, solidifying its status as an exceptional culinary establishment, including OX Magazine saying, “It’s youthful and authentic, cool and energetic, outrageously delicious and improbably affordable”. In 2022, the restaurant was a finalist for the Best Restaurant award at both the Bath Life Awards and Cardiff Life Awards and also won the Silver award for Best Casual Dining at the Bristol, Bath & Somerset Tourism Awards. The Bristol Life Awards named The Coconut Tree as the winner of the Best Bar award in both 2021 and 2022, while the restaurant’s VIP catering service impressed at the British Grand Prix at Silverstone and the Henley Royal Regatta in 2021.
Other accolades include being named Best Restaurant at the So Glos Awards in 2020 and a finalist for the Best Restaurant award at the Bristol Life Awards in both 2020 and 2021. The restaurant also received recognition for its vegetarian and vegan offerings, with finalist nods in the V-Friendly Restaurant of the Year category at The Vegetarian & Vegan Awards in 2020 and Best Veggie/Vegan Restaurant at the Ox in a Box Awards in the same year.
The Coconut Tree was also a finalist for the Best New Business award at the Cardiff Life Awards in 2020 and a finalist for Best UK Operator at the Restaurant Magazine R200 Awards in the same year. In 2019, the restaurant was a finalist for the International Icon Awards and Bath & Bristol Crumbs Magazine Awards, as well as being named the Best New Business at the Bristol Life Awards.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
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