By Linette Lai

RESTAURANT chain operator Paradise Group is poised to expand its operations here with the help of a $2 million cash injection from two investment companies.

It has won backing from venture capital fund Sirius Growth Partners I and G8 Investments, the investment arm of food distribution company Goh Joo Hin.

With the new money, Paradise plans to roll out four new restaurants serving Chinese food by the end of this year, bringing the total in its stable to 10.

It currently operates Taste Paradise in Chinatown, as well as two Seafood Paradise and three Paradise Inn outlets.

'We believe the Paradise Group has the right ingredients for success,' said Mr Eugene Wong, co-managing director of the Sirius fund.

'With Sirius' financial management capability, business network and strategic business advice, the Paradise Group will be better empowered to grow into a leading restaurant chain in Singapore and overseas.'

The $20 million Sirius fund was launched in the middle of last year to target small and medium-sized enterprises that have the potential to be leaders in their respective fields. The Paradise Group project is its first investment.

Paradise says it will benefit from the wealth of expertise supplied by both the Sirius group and Goh Joo Hin. The two groups will be represented on the Paradise board to offer strategic advice and strengthen the company's corporate governance.

Mr Wayne Goh, Goh Joo Hin's chief operating officer, said: 'We see potential in the Paradise Group in terms of business growth and in terms of investment...At this point in time, with the current concepts they have, they cater from niche to mass market.'

He added that Chinese cuisine was one of the safest restaurant concepts to invest in given that it was very popular in Singapore.

'Looking ahead, Singapore will attract a lot of tourists and expats. And when you have a lot of visitors coming in, I think there is a market for Chinese food,' Mr Goh added.

Goh Joo Hin focuses on the marketing and distribution of food and beverages, consumer electronics and health-care products. The company, which sells the popular abalone brand New Moon, set up a division looking into strategic private investments in 1998.

Paradise Group's founder, Mr Eldwin Chua, has come a long way since he set up his first Seafood Paradise in 2002.

Taste Paradise, set up four years later with money earned from Seafood Paradise, served Cantonese cuisine that was radically different from its sister outlet.

The group's restaurant portfolio has expanded significantly since then and now includes Paradise Inn, which serves popular local Chinese dishes.

Mr Chua said that the Paradise Group intends to grow both in Singapore as well as overseas in Malaysia, Indonesia, China and the United States.

This article was first published in The Straits Times.