The restaurant chain that owns the iconic Ivy brand have recorded a 124 per cent rise in turnover for the past financial year, according to reports.

The Ivy Collection, who run the Ivy Montpellier Brasserie in Cheltenham and 34 other restaurants across the UK will record turnover of £98.5 million for the year, according to The Times.

The rise comes on the back of 14 restaurant openings within the 12month period, including their first venture outside of Great Britain with The Ivy in Dublin.

According to The Times, The Ivy plan to open a further three restaurants in the coming year - in Glasgow, Oxford and Cardiff, to take its stock to 38 Ivy Brasseries and the less formal Ivy Cafes.

Because of the costs of opening the 14 restaurants, the company recorded a pre-tax loss of £3.5million for the year, a slight year-on-year increase.

However, The Times report that full-year forecasts for 2019 suggest that turnover will increase substantially because of the openings, with the forecast predicting earnings of £203million.

The Ivy dates back more than 100 years, with the iconic original restaurant in London's Convent Garden a hotspot for the capital's glitterati.

The group currently form part of Richard Caring's hospitality empire. He bought the group in 2005 for £31million.

The Ivy Montpellier Brasserie opened in December 2017 amid much fanfare in the town.

It occupies the former Montpellier Rotunda building, which prior to its transformation into a restaurant was a Lloyds Bank,