Hakkasan cuts losses to £33m as UK revenue rises

By Sophie Witts contact

- Last updated on GMT

Hakkasan Mayfair
Hakkasan Mayfair

Related tags: Fine dining, Michelin, Restaurant

High-end restaurant and nightclub operator Hakkasan posted a pre-tax loss of £33m for the year ending 30 June 2018, accounts show.

This is down from a £112m loss the global business recorded in the 12 months to June 2017.

Overall turnover at Hakkasan, which operates c.50 sites including its eponymous Cantonese restaurant brand and Yauatcha dim sum concept, fell 1.5% to £234m.

In the UK revenue grew by 6%, despite the closure of the group's Michelin-starred London restaurant HKK in late 2017.​ Hakkasan says this growth was driven by a “strong performance” across its remaining five London restaurants, three of which hold a Michelin star.

It adds that “wage inflation has risen faster than revenue inflation” in the UK, and the “recent impact of Brexit” exacerbated labour shortages during the year.

Hakkasan says it underwent a “year of stabilisation and restructuring” which included the closure of “under performing venues”, including HKK.

It also shut its Hakkasan sites in Texas, Hawaii and Los Angeles and relocated its Dubai restaurant to the Atlantis, The Palm resort.

Though the company’s growth has previously centred on the USA and London, going forward it says it will focus on other international markets and brands that are less costly to open, such as Yauatcha.

Hakkasan was launched in London in 2001 by Alan Yau, founder of the Wagamama chain. 

Related topics: Business & Legislation, Restaurant

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