Rick Stein’s restaurant business has reported annual results for the year end 1 January 2023, with turnover reaching £12.5m.
This represents an increase on the previous year, when the company reported turnover of £11.7m, in the period to 2 January 2022.
The Cornwall-based business runs seven restaurants, accommodation, and a range of sites including a café, bar, coffee shop, pub, fish and chip shop, and deli.
Stein’s Trading Limited reported gross profit of £8.6m, a marginal increase on the previous year.
Managing director Ian Fitzgerald, said 2022 was a “challenging year” for the hospitality business.
“The year started off well despite trade being disrupted by the shadow of the Omicron variant of the Coronavirus but as Spring approached the war in Ukraine had a significant impact on our trading environment.
He added that the rapid increase in supply chain costs caused by the volatile energy markets was “unprecedented”, with fish and oil amongst the most adversely affected commodities, resulting in an erosion of profit margin.
“In addition, the well documented shortage of supply in the labour market (particularly in the hospitality sector) restricted our opportunity to trade to capacity during 2022,” he said.
Looking to 2023, he said , “The economic outlook for the year ahead appears more stable and the hospitality sector has welcomed the continuation of government support in the form of 50% business rate relief and a freeze on alcohol duty.
The largest business challenge Fitzgerald anticipated facing in 2023 was the ability to maximise revenue from reduced customer numbers.
“Although inflation is still tracking in excess of 8%, we have implemented a number of actions that reduce our exposure to excessive costs and increase our ability to be agile in reacting to our trading environment,” he added.
