Gordon Ramsay Restaurants has said it is on track with its growth strategy which includes the scaling up of is premium casual dining concept Bread Street Kitchen & Bar more widely in the UK.
The group reported an increased in consolidated turnover for the year to 28 August 2022, versus its FY21 numbers, with revenue reaching £78.9m – up from £26.2m the prior year, as a result of uninterrupted trading and the sales contribution from new sites.
Adjusted EBITDA for the period was £6.2m, compared with a £1.1m loss in 2021, with the group making an overall loss after tax of £0.5m (2021: loss of £6.5m).
The group said it successfully continued with its expansion strategy, opening seven new restaurants during the period.
New restaurants included Restaurant 1890 and The River Restaurant, both of which are located within The Savoy Hotel, as well as several new Bread Street Kitchen sites (Edinburgh and Liverpool).
Since the year end the concept has also opened in Battersea Power Station and Limehouse, East London. Two new Street Burger venues also opened, in Reading and Farringdon.
The directors said they planned to continue with the expansion of the Bread Street Kitchen & Bar brand more widely across the UK
The group also opened its first Gordon Ramsay Academy, in Woking, Surrey, which delivers classes to the public and staff from across the group – a concept the directors feel is scalable both in the UK and internationally.
In the strategic report, the directors stated that as the group continues to grow, they are actively managing the estate and identifying sites requiring improved performance or alternative uses.
The group said it remained committed and on course with its growth strategy in the UK and internationally.
A full refurbished Savoy Grill has just reopened and a second Lucky Cat is due to open its doors in Manchester in May 2023.
Gordon Ramsay Restaurants Limited currently has interests in 50 restaurants – 36 in the UK operated by group companies and 14 licensed locations in Europe, the Middle East and Asia.
