Gordon Ramsay Restaurants 'committed to growth strategy' as it swings to loss
In its latest accounts the group, which operates 25 London-based restaurants and holds license agreements to 11 sites in global locations, reported a loss of £5.1m for the year ended 31 August 2020, reflecting the impact of closures and subsequent trading restrictions caused by the onset of the Coronavirus pandemic in March last year.
Consolidated turnover for the group reduced to £34.5m from £54.7m in 2019, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) restricted to a loss of £1m (compared to a £6.6m profit in 2019).
The loss before tax of £5.1m compared to a profit of £15.2m in 2019, though this was augmented by the assignation of the group's US licence agreements.
A spokesperson for the group commented: "There isn’t a business in the world that hasn’t been affected over the last 18 months, by the Covid-19 pandemic. With long lockdowns and restaurants closed, losses were inevitable.
"Despite all these challenges and with the full support of both its owner Gordon Ramsay and its banking facilities, Gordon Ramsay Restaurants has not allowed the pandemic to derail its ambitious growth strategy at home and abroad.
"With 12 new restaurants opening since lockdown lifted in April and more planned, we are supporting city centres and local high street economies as well as creating hundreds of new jobs."
Last summer Ramsay said his ambition to 'create a billion-dollar dining proposition' had been undented by the Coronavirus crisis, with the chef laying out plans to open 50 new UK sites.
The group has accelerated the roll out of its Street Pizza and Street Burger concepts, with nine new restaurants opened since December 2020 between the two concepts.
Going forwards, the group will be focusing a lot of its attention on growing its ‘premium casual’ Bread Street brand, with new openings in London and Edinburgh confirmed and 'well advanced' plans to expand it more widely in the UK.
Later this month Ramsay will also add to his more singular, high-end restaurant stable with the launch of The River Restaurant at The Savoy hotel, which will sit alongside his three Michelin-starred fine-dining flagship Restaurant Gordon Ramsay in Chelsea; Petrus in Belgravia; and Lucky Cat in Mayfair.
