Pandemic pushed Gordon Ramsay Restaurants to £6.8m loss
The impact of the Covid-19 pandemic on the hospitality sector pushed Gordon Ramsay Restaurants to a £6.8m pre-tax loss last year.
In documents filed with Companies House for the year to 31 August 2021, Gordon Ramsay Restaurants reported turnover reduced to £26.2m, compared to £54.7m in 2019, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the year was a loss of £1.1m.
However, the group said it had seen steady and consistent growth in sales and profitability once restaurants were able to reopen in May 2021. Since the end of legal restrictions in February 2022, it had traded "consistently and profitably", with group like-for-like sales "consistently ahead of pre-pandemic trading".
Gordon Ramsay Restaurants operates 35 restaurants across the UK, including London's three-Michelin-starred Restaurant Gordon Ramsay, Michelin-starred Petrus, three restaurants at the Savoy hotel, as well as venues under casual brands including Bread Street Kitchen. It also has licence agreements for 13 restaurants around the world.
The company opened 10 new restaurants opened during the financial year, commencing the rollout of its Street Pizza and Street Burger concepts, with four Street Pizza restaurants and nine Street Burger restaurants now open and trading. The group said the brands would "form a significant part of the international franchising business".
The group also said it planned to continue expansion of the Bread Street Kitchen brand more widely across the UK, with sites already in London, Edinburgh, and Liverpool.
Since the period, Ramsay opened the River restaurant at the Savoy in October, and the Gordon Ramsay Academy in Surrey in September.
Ramsay said in a statement: "The last couple of years have been tough. We've endured horrendous losses across one of the most difficult times for our business. However, we've fought back in the only way I know how, by supporting the hospitality industry, our team, the guests who join us and the business I started 25 years ago.
"Through personal financial input and the future focussed support of our banking partners we continue to be a business that is exciting and connected with both our guests and our amazing teams.
"Even through these challenging times, we have ambitiously pushed forward with 40 new openings, and by the end of the year will have created over 1,000 new jobs."
Photo: Featureflash Photo Agency/Shutterstock
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