According to BigHospitality's sister publication M&C Allegra Foodservice, the chef, who increased the total value of his personal loans to his company, Kavalake, from £14.3m to £15.1m in the most recent year to 31 August 2014, expects modern European concept Street Kitchen to “have wide appeal both in London and large regional towns and cities”, whilst Maze, his premium steak and sushi concept “will be located in both neighbourhood and central London locations”.
Kavalake, the parent company for the Gordon Ramsay Group, reported flat year-on-year revenue for the 12 months to 31 August 2014 at £44.7m (£44.8m in 2013).
The group saw an uptick of 5.7 per cent in like for like sales across its London restaurant estate with average spend per head rising 4.7 per cent.
The revenue generated from international operations increased by £500k to £2m, which the group attributed to strong trading in the group’s restaurants in Las Vegas and the first full year of trading for its Pub arm.
The company has a pipeline of new openings planned around the world including Pub and Grill in Atlantic City, Fish ‘n’ Chips in Las Vegas, Bread Street Kitchen in Singapore, London House in Macau and a further three sites under negotiation
Adjusted Ebitda was down to £4.1m from £5m the year before after the loss of its restaurant at Claridge’s.
Pre-tax losses fell to £2m from £6.4m the previous year due to an onerous lease in the previous financial year that was the subject of a high court legal dispute between Ramsay and his father-in-law.
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