Gordon Ramsay's restaurant empire tripled its losses to £3.4m last year as it spent millions of pounds opening five new restaurants, with the chef saying businesses in the industry were “fighting to survive”. “I'm working on it,” he said.
Sales at the celebrity chef's restaurants, from his Michelin-starred flagship restaurant Gordon Ramsay to Street Burger, rose 21% to £95.6m in the year to August 27. The group has hired a further 290 staff after a difficult period during the pandemic lockdown.
However, the pre-tax loss rose to £3.4m from £1.05m in the same period last year as one-off costs of £4.9m were incurred, the majority of which was pre-opening costs for new restaurants such as Lucky Cat and Bread in Manchester. It was related. Street Kitchen store in Battersea Power Station and Street Pizza store in Edinburgh.
Ramsay also acquired Shoreditch eatery Pizza East. Underlying profit, excluding one-off charges, tax and writedowns, increased from £6.2m to £8.3m.
The losses for the year were worse but represent a turnaround after the pandemic brought Mr Ramsay's business to a standstill and forced him to cut around 300 jobs amid losses of £12m.
Ramsay said: “This has been a really challenging year, but it's also been an exciting year, and I'm amazed at how strong and vibrant our industry remains, even during tough times. Times are tough and businesses are fighting to survive, with rising costs, rent and food costs, multiple strikes, and more.
“However, I truly believe that since we opened our first restaurant in 1998, there has never been a year in which there has been more passion and energy in the industry.
“People still want to go out and break bread and have a good time together. We still have great things to celebrate and we truly believe this industry has never been this exciting.” believe.”
Mr Ramsay, who opened his first private practice, Gordon Ramsay, on Royal Hospital Road, Chelsea, in 1998, said he expected sales to exceed £100m this year.
He intends to open five new restaurants in London's new skyscraper 22 Bishopsgate. This includes Lucky Cat and his 60th floor rooftop terrace, which will be the capital's tallest restaurant.
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The development also includes an outpost of Bread Street Kitchen and Bar and a 14-seat chef's table at Restaurant Gordon Ramsay, a Michelin-starred restaurant in Chelsea and the Gordon Ramsay Academy, where culinary enthusiasts can hone their skills. It will be.
Mr Ramsay said: “This is more than just a new opening, it’s a significant milestone for our business. We’re not just delivering the best culinary experience in London, we’re also building a vibrant culinary hub at the stunning 22 Bishopsgate. I’ll make it up.”
Mr Ramsay also has an academy in Woking, Surrey, and accounts show the local council will give his group more than £1.6m (3.5%) in 2021 to support the development of the venture and adjacent streets. It is written that the loan was given with a repayment period of 25 years. Burger restaurant.
