The Fat Duck profits fall amid "period of transition" for Blumenthal's business
Recent filings for the three-Michelin-starred Bray site show pre-tax profits dropped from £533,145 to £297,788 for the 12 months to 27 May 2018, while turnover rose slightly to £6.7m.
The restaurant only returned to profit in 2017, after posting losses following a brief relocation to Australia and a £2.5m revamp of its Bray home.
However, Blumenthal’s wider business remains in the red, with director Peter Moody writing in newly-filed accounts that this is a “consequence of the current period of transition” for the group.
Snail Porridge Ltd, the parent company of ventures including The Fat Duck, Blumenthal’s Bray pub The Hinds Head and his brand partnerships, saw turnover drop slightly from £12.8m to £12.4m, while post-tax losses rose from £700,000 to £1.7m for the year to 31 May 2018.
Moody writes that the company has begun working through an “efficiency and development programme” which includes cost saving projects and “additional income from new business”.
“The pipeline of opportunities remains strong and the group is in negotiation on several new projects that will bring significant additional income to the group,” he writes.
“The new opportunities will continue to showcase the group’s capability to deliver exceptional restaurant experiences and unique food product innovation.
“For the financial year ending 2019 the group expects much better results."
