The Richard Caring-backed group, whose estate includes the Sexy Fish, Scott’s and Bacchanalia restaurant brands, reported record revenue of £97.1m for the year ending 31 December 2023, up from £74.4m in 2022.
However, the group posted a pre-tax loss of £5.9m for period compared with a £1.2m profit the previous year as administrative expenses rose by nearly £25m to £81.1m.
Adjusted EBITDA fell to £10.1m from £12.3m.
The group maintained a 77% gross profit margin over the year, but wage costs rose from 36% to 40% of sales, reflecting broader inflationary pressures across the sector.
Writing in the accounts, director Chris Robinson said: “Trading surpassed the prior period with previous site openings yielding their first full year results along with the opening of Sexy Fish in Manchester.
“Whilst inflationary pressures reduced consumer confidence in contracts to the bounce-back highs of the prior post-pandemic period, the company’s position provided compelling for our customers which contributed to another impressive year.
“This is notable considering the cost headwinds faced in the first half of the year from energy prices and knock on costs from the supply chain and interest rate hikes.”
The figures, published eight months after the Companies House deadline according to City AM, follows reports earlier this month that Caring is in advanced talks to sell a significant portion of his UK hospitality empire to an entity controlled by the Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan.