Rhubarb Hospitality Collection has reported financial results for the year ended 31 December 2022, with turnover of £38.1m, up from £11.8m in 2021.

The high-end restaurant, bar, and catering company made a gross profit of £8.7m and profit before tax of £1.4m, recovering from a loss of £3m the prior year. It also reported an adjusted EBITDA profit of £2.7m, compared to a loss of £1.9m in 2021 as a result of Covid restrictions.

Rhubarb exclusively manages the F&B offer at venues including the Royal Albert Hall, Sky Garden, Royal Ascot, and 22 Bishopsgate. It also operates venues in New York and Berlin.

In June 2023, it was acquired by American sports and live entertainment group Oak View from Paris-based LGT Private Debt. Oak View, with the support of Rhubarb, will operate Co-op Live, the UK’s largest arena which is currently being developed in Manchester by OVG in partnership with City Football Group.

As a result of the acquisition, bank debt consisting of a Unitranche facility of £35m and an acquisition facility of £8m were repaid in full. In additional, loan notes and loan note interest of £8.4m were repaid in full.

Rhubarb is forecast to deliver nine-figure revenues in 2023. Its team of 2,000 caters for over five million people every year.