Rare Restaurants has hailed a strong year of trading in 2023, with revenues reaching £75.3m.

The Gaucho and M brands operator saw like-for-like sales 23% ahead of pre-pandemic levels, and reported double-digit turnover growth in 2023.

Like-for-like restaurants saw EBITDA margins beyond 20% and a full group restaurant EBITDA up 19%, which includes new openings in Newcastle, Covent Garden, and Cardiff.

Specifically, the Covent Garden and Cardiff sites consistently hit weekly net turnover of £200,000.

The premium restaurant group currently operates across 22 locations, as it enters it 30th year. 

In 2023, it has build on its sustainability and diversity aims, which reflect its ‘carbon neutral steak’ offering and self-founded, ‘Sustainable Steak Movement’ and ‘Sustainable Supper Club’. ’

CEO Martin Williams said, “As we enter the thirtieth year of Gaucho and tenth year of M, it is amazing to continue to see our company grow in both turnover and profit.

”However, Ross (Butler, COO), Steve (Cramer CFO) and I find most pride in the engagement, development and success of our people as we enjoy a shared journey together, striving to continue to offer the highest levels of hospitality, undisputed quality of offering and an ‘ethical dining’ experience to our guests.

”All of the above is underpinned by our outstanding commitment to training and imagination in recruitment which includes a target of bringing disadvantaged individuals into our family.”

 The company said its brands were continuing to appeal to both female and ‘under 40’ demographics, through brand events, in-restaurant and menu offering. 

“After a five-year commitment – which proved us to be the exemplar of an empathetic employer during the pandemic – our values and engagement are now firmly embedded with our 1,500-strong family which, combined with our impact initiatives, sees us strive to be recognised as a world-class employer.

“We have seen brilliant growth in cities, towns and local neighbourhoods alike.

With a pipeline of 30 UK locations, Williams said Rare would continue to grow its brands in a ”sustainable manner, which echoes our commitment to continue to offer our best-in-class menus (including carbon neutral beef).”

”We will remain aspirational but accessible, with an increasingly broad demographic appeal and will continue to have a lot of fun with our guests and our people along the way,” he added.