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

Why data connectivity matters in the UK

December 11, 2023

Hybrid workspace operator IWG offers cyclists free access...

June 1, 2023

Getting to know you: Dr Rashmi Mantri, Founder...

June 16, 2025

Boris Usherovich: A Chronicle of Resilience and Achievement

March 17, 2024

Doncaster Sheffield Airport is closing with the loss...

September 26, 2022

Mars to buy Hotel Chocolat to help expansion...

November 16, 2023

Read This to Avoid NFT Scams

December 7, 2022

SME leaders bullish about prospects as majority expect...

August 16, 2023

Wikipedia will not perform Online Safety Bill age...

April 28, 2023

Sunak should lower national insurance in 2023

December 28, 2022

    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

    • Revealed: The extensive perks UN officials receive amid budget crisis

      June 29, 2025
    • Trump administration takes on new battle shutting down initial Iran strike assessments

      June 29, 2025
    • Trump administration takes on new battle shutting down initial Iran strike assessments

      June 29, 2025
    • Schumer forces reading of Trump’s entire ‘big, beautiful bill’ as Senate braces for all-nighter

      June 29, 2025
    • Schumer forces reading of Trump’s entire ‘big, beautiful bill’ as Senate braces for all-nighter

      June 29, 2025
    • Trump, lawmakers react after ‘big, beautiful bill’ clears Senate hurdle

      June 29, 2025

    Categories

    • Business (8,334)
    • Investing (2,081)
    • Politics (15,858)
    • Stocks (3,177)
    • 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