Gordon Ramsay Restaurants has made a pre-tax loss of £6.8m for the year to 31 August 2021, despite adding 10 new restaurants to its portfolio.

In its latest accounts filed at Companies House, the group reported consolidated turnover of £26.2m, down from £34.5m for the 2020 financial year, with adjusted EBITDA for the year coming in at a £1.1m loss, against a £1m loss the prior year.

All of its restaurants were fully closed during the lockdowns of 2020 and 2021, with the exception of Gordon Ramsay Plane Food at Heathrow Airport’s Terminal 5, while the group said it suffered a 20% reduction in sales between November 2021 and February 2022 due to Omicron.

The group and its subsidiary companies hold an interest in 35 UK-based restaurants. In addition, there are licence agreements for 13 restaurants across the globe. These include a Gordon Ramsay Burger restaurant which opened in Harrods, Knightsbridge in December 2020

The business said its ‘super premium’ restaurants, which includes Restaurant Gordon Ramsay, Petrus, Savoy Grill and Lucky Cat, all traded profitably following the easing of Covid restrictions.

Despite the losses accumulated in the last financial year, the group said it remained committed to its growth strategy.

Post year-end, (May 2022), new bank facilities were agreed with the group’s existing lender Barclays. These replaced the existing bank loans and made available additional and yet to be drawn funds for the group’s growth plans.

A three-year £10m term loan has replaced existing facilities, with quarterly repayment instalments to begin at the end of Nov 2022. While a three-year £15m facilities replaces previously existing facilities and will fund capital expenditure, of which £5.9m was drawn at the time the statements were signed for the accounting period.

During the year the group commenced the rollout of its Street Pizza and Street Burger concepts. Street Pizza restaurants opened in Southwark (December 2020), Battersea Power Station (April 2021), with the first Street Burger opening in December 2020 within the One New Change development in the City.

This was followed by openings in Woking, Charing Cross Road, London (April 2021), and, more recently, at Kensington High Street, Islington, Covent Garden and the O2 Arena.

Bread Street Kitchen opened a new restaurant in the City of London, Edinburgh and Liverpool and Union Street Cafe in Southwark reopened in the Bread Street format in May 2021. The first Bread Street Café opened in August 2021 in Ealing.

“The directors plan to continue with the successful expansion of the Bread Street brand more widely across the UK,” according to the accounts published.

The group also opened its first Gordon Ramsay Academy opened in Woking Surrey in September 2021, which the directors said they viewed as “a scalable asset in the UK and internationally”.