Significant e-commerce offering pushes profits close to £1m at Stein group
In its latest accounts that covers the period from 30 December 2019 to 3 January 2021, The Seafood Restaurant (Padstow) Limited, which also encompasses Stein's restaurants, hotels, retail outlets, cookery school and internal production unit, posted a profit before tax of £999,000 from turnover of £14.9m; up from £513,000 from a turnover of £17.5m the previous year.
The Cornwall-based group said that while it had been significantly impacted by the effects of the Covid-19 pandemic, it had responded 'quickly and with resolve'.
As well as utilising all business interruption and Government support schemes available to it, the business launched a significant e-commerce offering that included meal kits, an online fishmongers and giftware.
The group said in its trading report that it continues to seek opportunities to grow its e-commerce business and maximise profitability of the core business.
"In this context the 2021 financial year has seen the reopening of restaurants and demand for good food and staycations has so far seen a rebound in the hospitality industry.
"The hospitality industry continues, however, to face challenges with pressure on recruitment, price inflation and supply chain issues."
In June 2020 the group closed its restaurant in Porthleven as part of a restructure of its estate, with the site subsequently acquired and relaunched by chef Michael Caines as The Harbourside Refuge.
A second Stein restaurant, in the Wiltshire town of Marlborough, was also set to shutter in 2020, but was eventually saved from closure by its landlord.
The group is one of the largest private sector employers in Cornwall. The average number of full-time employees for the period was 367, down from 386 in 2019.
