Rick Stein's business to expand further after 29% sales increase

By Mark Wingett

- Last updated on GMT

Rick Stein's business to expand further after 29% sales increase

Related tags: Rick stein

The Rick Stein business is to expand further next year after reporting a sales increase of 29% to £26.1m.

The business, which is run by high-profile chef Rick Stein and Jill Stein, plus their three sons, reported EBITDA of £2.93m, up 57% over 2015, with an EBITDA margin improving from 9.2% to 11.2% in 2016.

It currently comprises 12 restaurants, 40 hotel rooms, four retail outlets, a cooking school and an internal production unit. 

In the first half of 2017, the company said that it had seen a sales increase of over 20% on the same period of last year, with a “strong EBITDA performance”.

The Padstow-based company told MCA that its plan going forward was to open further restaurants and fish & chip shops outside of the Cornwall catchment area, whilst at the same time consolidating and developing its strong business in county.

During the year, the company invested in its existing property portfolio whilst at the same time opening a new gin and champagne bar called Ruby’s plus a seafood bar at the Stein’s Fisheries business in South Quay.

In addition, the business acquired a new 20,000sq ft warehouse in St Columb and a new 6,800sq ft head office at St Eval, just outside Padstow, which consolidated all its support staff into one building.

The company has also opened two further restaurants, one in Marlborough, Wiltshire in late 2016, and another in Barnes, South west London early in 2017. It said that both were proving “very popular with customers”.

The group also said that its restaurant in Sandbanks goes from strength to strength.

A spokesperson for the group said: “At the heart of our business is providing outstanding food and customer service, at affordable prices, to our existing and new customers, and in unique locations. Each restaurant is individually designed by Jill with its own special characteristics.

“We will continue to grow the business in a consistent way that underpins our values and places the customer experience at the heart of what we do. This can only be achieved with the help of our magnificent staff to whom we all owe heartfelt thanks for making this business so special.”

The company told MCA it was keen to continue its growth in a measured way and was open-minded to any opportunities put to it.

The spokesperson said: “With over 10 years’ experience in the fish and chips format and with good success in Cornwall this is a model we see has potential to be successful elsewhere. We have no definite plans to share at this stage of specific sites.”

Related topics: Business & Legislation

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