Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Losses at Gordon Ramsay restaurants narrow sharply after Covid rules eased

by May 15, 2023
May 15, 2023
Losses at Gordon Ramsay restaurants narrow sharply after Covid rules eased

The restaurant group owned by celebrity chef Gordon Ramsay narrowed losses to £1m last year as sales more than tripled after Covid restrictions were eased.

Ramsay has an interest in 50 restaurants including 36 directly operated outlets in the UK, such as the Michelin-starred Pétrus and the Savoy Grill, as well as 14 licensed venues overseas.

Sales rose more than £50m to almost £80m in the year to 28 August, according to accounts filed at Companies House, but the results showed the extent of inflationary pressure on the hospitality industry as the group remained in the red with pre-tax losses falling to £1m from £6.8m a year before.

The documents lay out plans to open a second Lucky Cat outlet in Manchester this month, as well as more Bread Street Kitchen outlets – after new London sites launched in Battersea power station and Limehouse in late 2022 – and that the group was looking for a second site in Edinburgh for its Gordon Ramsay Academy cookery school, which opened in Woking, with backing from the local council, in 2021.

Ramsay also wants to expand his casual dining Street Burger and Street Pizza chain after buying up Pizza East in London’s Shoreditch in February. The company said that while it planned to expand, it had written down the value of three unidentified sites after a review found they required “improved performance or alternative uses”.

Dozens of UK restaurants have been forced to close across the country as labour shortages and wage increases have combined with a surge in energy and ingredient costs, with diners reining in spending because of rising energy and food shopping bills.

However, the financial documents show the company hired more than 500 additional staff in the year, taking the total employed to more than 1,100 as it opened two upmarket restaurants in the year to August 2022 – Restaurant 1890 by Gordon Ramsay and The River Restaurant – and two of its Bread Street Kitchen outlets, in Edinburgh and Liverpool, plus two Street Burger venues, in Reading and Farringdon in London.

While losses narrowed, the group’s net debts rose slightly to almost £24m as it said it had spent almost £2.7m on pre-opening costs for new restaurants.

The group collected £153,000 in government support during the year, including furlough payments, but that was much lower than the almost £3.8m a year before.

Read more:
Losses at Gordon Ramsay restaurants narrow sharply after Covid rules eased

0
FacebookTwitterGoogle +Pinterest
previous post
Hiring falls across the country as uncertainty impacts business confidence
next post
Planned Parenthood calls for court packing, term limits in new judicial reform package

You may also like

Laydson Group Review: Why Knowing Your Business Destination...

October 19, 2024

Respect the menopause or be sued for disability...

February 22, 2024

BBC demands Huw Edwards return over £200,000 in...

August 9, 2024

Starting an Online Casino Business: Key Considerations to...

September 20, 2024

Almost no trains are running across the whole...

January 5, 2023

Useful Tips to Clean Memory Foam Mattress &...

January 19, 2023

8 Major AI Trends In The Fintech Industry...

October 31, 2023

Honda to return to Formula 1 as Aston...

May 24, 2023

Ontario pulls US alcohol from LCBO in retaliation...

March 6, 2025

Farmers descend on Westminster amid inheritance tax row...

December 11, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,567)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved