What is Trio?
Historically recognized as a premier dining destination, Trio established a robust market position through its commitment to high-quality raw bar offerings and a sophisticated cocktail program. As a key asset under the Newport Restaurant Group, the establishment served as a vital hub for both local residents and seasonal visitors. The company's operational model prioritized consistent hospitality and a welcoming atmosphere, which allowed it to maintain a competitive edge in the Rhode Island dining market for years. Following its closure, the site is currently undergoing a strategic transformation to launch Celeste, a new concept designed to leverage the existing infrastructure and brand equity developed by the Newport Restaurant Group.
How much funding has Trio raised?
Trio has raised a total of $339K across 2 funding rounds:
Debt
$150K
Debt
$189K
Debt (2020): $150K with participation from PPP
Debt (2021): $189K led by PPP
Key Investors in Trio
PPP
Public-Private Partnership
What's next for Trio?
The infusion of $189K underscores a broader commitment to revitalizing the physical location and optimizing the portfolio of the Newport Restaurant Group. By transitioning from the Trio brand to the upcoming Celeste concept, the organization is signaling a shift toward modernizing its service offerings and enhancing its value proposition in the competitive regional dining space. This late-stage capital injection provides the necessary liquidity to execute a comprehensive renovation and rebranding strategy. Moving forward, stakeholders will be monitoring the successful integration of the new concept, as the group seeks to capitalize on the enduring demand for premium dining experiences in Narragansett while maintaining the operational excellence that defined its previous ventures.
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