SINGAPORE (July 23): With its signature white pepper crab — a standout dish compared to the typical black pepper and chilli flavours — No Signboard Holdings enjoyed its best years during the 1990s and 2000s. From a seafood stall at Mattar Road Hawker Centre, the business expanded gradually into a chain of four restaurants, including one on Geylang Road run by relatives that is not part of the listed entity.

In recent years, No Signboard has struggled to grow its business as quickly after it tweaked its recipe to make the crabs less spicy for Western tourists’ taste buds. The move backfired. Revenue has been declining since 2016. For the past five years, the company has been losing market share to rival seafood restaurants. For the most recent 2QFY2018 ended March 31, No Signboard’s restaurant segment posted a 9.8% y-o-y decrease in revenue to $5.1 million.

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