Fat Duck Group back in the black
The parent company of Heston Blumenthal's Berkshire restaurants is back in the black following a post-pandemic bounce back, recording a £2.35m pre-tax profit for the year to 29 May 2022 compared to a £1m loss the prior year.
In documents filed with Companies House for SL6, the umbrella company for both the three-Michelin-starred Fat Duck and one-Michelin-starred Hind's Head pub, both in Bray, Berkshire, the business reported that turnover more than doubled from the previous year to £11.5m.
The group saw earnings before interest, tax, depreciation and amortisation (EBITDA) of £2.4m for the period, compared to a £900,000 loss the previous financial year.
The documents also showed that chief executive Richard Turnbull resigned as a director in January.
Director Ronald Lowenthal said in the documents that while sales during the year grew rapidly from 60% of pre-pandemic levels to 90%, the greatest challenge to business operation had been staffing, with "unprecedented challenges in relation to recruitment". However, he said pressure on the labour market was "expected to ease a little".
"This year's financial recovery and the growth of our organisational capability has placed the group in a financially and organisationally stronger position to manage these challenges," he added.
It was revealed last month that Waitrose had ended its partnership with Blumenthal after 12 years to take its product development in a "new direction".
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