Gordon Ramsay Holdings (GRH) made a pre-tax profit of £2m last year after it cut staff costs, scaled down expansion and sold off its Italian restaurant Murano.
Accounts filed at Companies House for the year ending 31 August 2010 today, showed the company, headed up by Gordon Ramsay, almost quadrupled profits on the previous year despite overall restaurant sales falling 12.7 per cent to £27m.
Employee numbers fell by 143 to 500 across the group, saving almost £1.7m while the sale of Murano in Mayfair to chef Angela Hartnett brought in £2.5m.
Restaurants within the group experienced varied success: While Ramsay’s eponymous restaurant on Royal Hospital Road saw spend per head increase, covers decreased by 6 per cent at Claridge’s leading to profits falling.
Diner numbers increased by 5 per cent at Maze and Maze Grill but spend per head fell. However, tight management of overheads meant the restaurant remained profitable.
GRH also cited good management of overheads as the main reason for profits rising 37 per cent at its East London pub The Narrow.
Looking ahead, the company said it was ‘expecting to produce a robust trading performance in the coming year’ which it said would be helped by the purchase of Petrus, bought from Ramsay's father-in-law Chris Hutcheson in December 2010 following his dismissal from the company two months before.
Nevertheless, due to the nature of the high-profile case, GRH said it was expecting 'significant legal and professional costs' to be incurred in the coming year "to resolve the many issues that have subsequently arisen as a result."