Gordon Ramsay to close Maze after group posts £3.8m loss
The decision was confirmed in accounts for the restaurant’s parent company Kavalake Ltd, which reported pre-tax losses of £3.8m across the group in the 12 months to 31 August 2017.
Maze, which is housed in the London Marriot Hotel Grosvenor Square, opened in 2005 and lost its Michelin star in 2015 after nine years.
A new 10-year lease has been signed for site, which is also home to sister restaurant Maze Grill.
Maze will close in January 2019 before relaunching as a new concept later in the year.
Kavalake and its subsidiaries operate 14 London restaurants, including three-Michelin-starred Restaurant Gordon Ramsay and Petrus, and hold licence agreements for 18 restaurants around the world.
Total turnover dropped £500,000 to £51.4m in the year to 31 August 2017 due to the five-month closure of Plane Food, the chef’s restaurant at Heathrow terminal 5.
The group’s international arm posted a 52% rise in revenue to £5.4m, with a further five overseas restaurants planned to open in 2018. These include Ramsay’s first Chinese outpost of Bread Street Kitchen and four sites in the USA.
“The group continues to actively look for new restaurant locations both in the UK and internationally,” Kavalake said in its accounts.
“A number of new international contracts are being actively negotiated however contracts have yet to be signed.
“The global spread of our restaurants means the business is not reliant upon one location and is therefore well placed to adapt and adjust to softer trading conditions.”
