Richard Corrigan Restaurants reports rise in turnover despite 'wide-ranging challenges'
Richard Corrigan Restaurants saw a rise in turnover last year despite cost pressures putting a dampener on profits.
Chef-patron Richard Corrigan, who oversees restaurants including Corrigan's Mayfair, Daffodil Mulligan, and Bentley's in London, said revenues in 2022 had exceeded pre-pandemic levels.
However, rising costs across the business saw the company post a pre-tax loss of £216,897 in the year ended 31 December 2022, down from a profit £156,109 in 2021.
Corrigan wrote in the accounts: "Converting those revenues became a much harder task, with material cost pressures across all parts of the business, and pre-opening costs of new openings also impacting profits for the year.
"Our prime assets continued to trade very strongly which has helped mitigate the wide-ranging challenges the entire sector continues to face."
Corrigan added: "It is fair to say now that 2022 was very much a ‘one off' in terms of revenue and we do not expect to see those levels again for the time being. And 2023 continues to be further impacted by the ongoing strikes which have an enormous impact on our London trading."
The chef also operates the Virginia Park Lodge country house hotel and wedding venue in Cavan, Ireland.
He said the wider business remained in a "strong position" supported by its board and "ever evolving and growing customer base".
In 2022, Corrigan was appointed chef partner at Searcys and BaxterStorey, which are both part of the WSH Group. The chef and Searcys relaunched the top-floor Portrait restaurant at the National Portrait Gallery in London earlier this year.
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