Gordon Ramsay Restaurants ‘on course’ with growth strategy as sales rise significantly

In its latest financial statement for the year ended 28 August 2022, consolidated turnover for the group rose to £78.9m, up from £26.2m in 2021 when trading was still impacted by the Covid-19 pandemic.

The figure is also up on the previous non Covid-impacted year to 31 August 2019, when consolidated turnover for the group was £54.7m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the group’s 2022 financial year was £6.2m, up from a loss of £1.1m in 2021.

The group’s total loss after tax also narrowed substantially to £0.5m during the period, compared to a loss of £6.5m the previous year.

Exception costs for the period totalled £3m, much of which was attributed to pre-opening costs associated with launching new restaurants.

The group opened seven new restaurants during the financial period including two new concepts in the super premium category – Restaurant 1890 by Gordon Ramsay and The River Restaurant, both housed within The Savoy hotel in London.

International expansion has also developed at pace with new openings Seoul, Dubai and Kuala Lumpur under its Street Pizza and Street Burger casual dining brands, as well as its premium Gordon Ramsay Burger concept.

Looking ahead, the group is preparing for the launch of its second Lucky Cat restaurant in the UK and its first outside of London in Manchester, which is set to open later this month.  

Gordon Ramsay Restaurants operates a total of 36 restaurants in the UK, which also include a number of singular, high-end restaurants such as the three Michelin-starred fine-dining flagship Restaurant Gordon Ramsay in Chelsea; Petrus in Belgravia; and Lucky Cat in Mayfair.

In addition, it holds license agreements for 14 restaurants in various locations around the world.