Rhubarb Hospitality Collection to expand in Germany as turnover rises
The group, which manages the F&B offer at London venues including the Royal Albert Hall, Sky Garden, Royal Ascot and 22 Bishopsgate, will open South American concept Elemente Restaurant and AirBar at Westfield Hamburg-Überseequartier on the banks of the River Elbe this year.
It will be the group's second outpost in Germany alongside Frederick's restaurant and bar in Berlin, which launched in April 2022.
“I am thrilled to embark on this exciting venture, bringing a vibrant new dining destination to the heart of Hamburg,” says Michael Neuner, managing director at Rhubarb Hospitality Collection Germany.
“We are committed to delivering an extraordinary experience, where the best service, the finest food, and an unparalleled atmosphere come together. Our dedication to excellence will redefine the dining scene in Hamburg, and we can’t wait to share this exceptional journey with our guests.”
It comes as RHC Topco Limited, Rhubarb Hospitality Collection's parent company, reports a significant rise in turnover in its latest financial results.
The group, which also operates in the US, saw turnover rise to £105.5m in the year 31 December 2022, up from £43.3m the year before.
Adjusted EBITDA rose from £2m to £11m over the period, ahead of 2019 pre-pandemic levels. However, the loss for the year, after taxation, amounted to £10.1m, up from a loss of £7m the year before.
“The directors are pleased with the group's results for 2022 and are confident that the strong performance and significant new contracts won in 2023 will provide foundations for further growth,” says Laraine Beament, CFO at Rhubarb Hospitality Collection.
Rhubarb’s latest results are the first to be published since it was acquired by US investment company Oak View Group (OVG) in June last year.
At the time, OVG, which is focused on the sports, live entertainment and convention industries, said it had purchased Rhubarb to ‘elevate the experience for fans at venues around the world, ensuring every fan gets a premium experience’.
As a result of the acquisition, Rhubarb’s bank debt consisting of a Unitranche facility of £35m and an acquisition facility of £8m were repaid in full.
In addition, loan notes and loan note interest of £8.4m was repaid in full.
