The Seafood Restaurant (Padstow) Limited and Steins Trading Limited, the group of companies behind the Rick Stein brand, saw their combined revenues fall 5.4% year-on-year to £30.4m in the 12 months ending 31 December 2024.
Steins Trading Limited saw turnover drop from £11.9m over the period to £11.5m, while The Seafood Restaurant (Padstow) Limited reported a more marked fall from £20.2m to £18.9m.
The Seafood Restaurant (Padstow) Limited reported a pre-tax loss of £459,000 for the year, more than double the £204,000 loss it made in 2023; while Steins Trading Limited saw its pre-tax loss grow from £163,000 to £290,000 over the period.
The combined group, which employs more than 600 workers, says its decline in trading reflects ‘the wider pressures on the industry’ including rising costs, supply chain disruption, and shifting consumer spending patterns.
Despite this, though, the group says it saw ‘strong summer trading’ across its coastal venues, and noted ‘increased interest and strong bookings’ for the next financial year.
It adds that its accommodation business remains a strong revenue stream with occupancy and average daily rate across all rooms are up year-on-year, 1.4% and 4.5% respectively, while a strategic focus on providing ‘value for money’ has ensured customer numbers are maintained.
“Hospitality is a people-first industry, and we are proud to employ so many talented professionals across our restaurants whose passion for food and hospitality continues to shine through,” says Ian Fitzgerald, managing director of The Seafood Restaurant (Padstow) Limited.
Fitzgerald goes on to lay the blame for the increased running costs that are hampering the sector on the Government.
“The sector has reportedly faced £3.4bn in additional annual costs since last October and the Chancellor, Rachel Reeves, needs to recognise the importance of employers like us and ease our financial pressures in the Autumn Budget to prevent further job losses and support the recovery of the hospitality industry,” he adds.
Looking ahead, the group says it is actively seeking new partners with plans to expand the Rick Stein brand into new markets in the UK and internationally with interest received from third parties in licensing agreements.
This follows the success of Rick Stein’s licensed restaurants in Australia.