The Martin Williams-headed group reported double-digit turnover growth in 2023 with like-for-like (LFL) restaurants enjoying EBITDA margins ‘beyond 20%’ and a full group restaurant EBITDA of 19%, which includes three new openings – Newcastle, Covent Garden, Cardiff – mid-year.
Rare Restaurants says its 2023 LFL sales soared ahead of pre-pandemic 2019 with 23% growth, while new restaurants enjoyed sustained six-figure weekly net turnovers, with Covent Garden and Cardiff consistently hitting weekly net turnover of £200,000.
The group closed a number of sites during its 2023 financial year including its Smithfield Gaucho and M restaurants in Victoria and Canary Wharf. The group now operates a single M restaurant in the City.
“After a five-year commitment – which proved us to be the exemplar of an empathetic employer during the pandemic – our values and engagement are now firmly embedded with our 1,500-strong family which, combined with our impact initiatives, sees us strive to be recognised as a world-class employer,” Williams says.
“We have seen brilliant growth in cities, towns and local neighbourhoods alike. With a pipeline of 30 UK locations, we will continue to grow our brands in a sustainable manner, which echoes our commitment to continue to offer our best-in-class menus (including carbon neutral beef). We will remain aspirational but accessible, with an increasingly broad demographic appeal and will continue to have a lot of fun with our guests and our people along the way.”
Rare Restaurants also reported a highly successful financial year in 2022 with sales clocked at £73.5m and like-for-like sales up by over 30% compared to 2021 (53 weeks to 2 Jan 20222.