Up Close & Personal with Datuk Steven Sim

THERE was a time when Datuk Steven Sim probably did not think that it was possible to have his cake and eat it too. When he set up the first Secret Recipe outlet in SS2, Petaling Jaya, 14 years ago, he was not thinking about building an international lifestyle cafe chain. “Initially, we thought we would be very happy if we could succeed in growing a network of outlets in Malaysia alone,” he recalls.

He must be ecstatic these days. There are now 270 Secret Recipe restaurants, with more than 3,500 employees in eight countries, namely Malaysia, Singapore, Indonesia, Thailand, the Philippines, China, Brunei and Australia. Operating on a casual dining cafe concept, Secret Recipe serves appetisers, pasta, fusion food, cakes, baked desserts, ice cream and beverages. According to Sim, the annual revenue for the chain is over RM400mil.

In Malaysia, the company owns 50 outlets, with another 140 being operated by franchisees. “Last year, total revenue from the 50 outlets and a central kitchen we own in Malaysia was about RM150mil. Net profit was more than RM20mil,” says the 51-year-old Sim.

He left his job as a marketing director at a multinational company, where he was earning a five-figure monthly income, after spotting a gap in the food and beverage (F&B) industry. “At that time, there was a distinct lack of casual dining cafes in Malaysia,” he explains. He set up the business together with three nephews, who are trained bakers, and a start-up capital of RM150,000. “It was self-funded. Until today, we have not borrowed from the banks.”

By Thomas Huong
Saturday June4, 2011
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