Rare Restaurants posts “record financial results”

By Joe Lutrario

- Last updated on GMT

Rare Restaurants posts “record financial results”

Related tags Rare Restaurants Gaucho Steak R200

The company behind Gaucho and M has announced “record financial results” for the year ending 1 January 2023 with turnover up 29% on its pre-pandemic 2019 figures.

Group turnover at the Martin Williams-led Rare Restaurants​ was clocked at £73.5m with like-for-like sales up by over 30% compared to 2021 (53 weeks to 2 Jan 2022).  

EBITDA less pre-opening costs for the group - which operates 22 sites in the UK and a further site in Amsterdam - was £9.7m. 

According to the full results filed with Companies House by parent company Lomo Topco Limited for the period, the group made an overall loss of just under £2.2m.

In its last year financial year ending January 2022, the Investec and SC Lowy-backed group posted a profit of a little over £824,000.

The group has launched a number of new restaurants during its most recent accounting period including Gauchos in Newcastle and Liverpool and a new M in Canary Wharf which was named Best New Opening at Restaurant’s R200 Awards late last year. 

Two further openings are set for the Gaucho brand this year with a restaurant due to launch in Covent Garden next month - the group’s first in London for over a decade - as well as a site in Cardiff, the group's first in Wales. 

Rare Restaurants also closed two restaurants​ - M Restaurant in Victoria and Gaucho in Smithfield.

CEO Martin Williams recently said that the business has appointed Clearwater International to assess the group’s ‘strategic options’.

Strong trading has continued in the new financial year, with first quarter like-for-sales above Q1 2022.

“We are incredibly proud of our 2022 results, with our restaurants performing well ahead of expectations. With the huge support of excellent shareholders in SC Lowy and Investec, we’ve delivered an extraordinary turnaround and exceptional results despite the pandemic and pressures from the well-publicised headwinds facing our industry.”

“Our team commitment to innovation and quality ensures we continue to engage with our core broad demographic, whilst attracting new diners. Based on the first quarter’s trading and our focus on expansion, with two new Gaucho openings in the coming months, we are confident that 2023 will be a hugely successful year for the group.”

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