The idea has been credited to comedy writer Seamus O'Shea and his writing partner Billy McWilliams, who run the Ulster Fry website.
The Cereal Killer Cafe opened in Brick Lane, London, last year and sells classics like Rice Krispies. It was established by Belfast twins Alan and Gary Keery.
Mr McMenamin would not be drawn on the long term prospects for his own novel venture.
"It is certainly play it by ear, hopefully it will rekindle childhood memories of Belfast baps," he said.