The group, which operates 13 restaurants predominantly in the north west of England in areas including Liverpool, Manchester, has reported a turnover of £12.4m with an EBITDA of £585,000. Across those months where restaurants were operating as normal, such as through October and November 2020, the business consistently outperformed expectations, it says.
Gusto opened a flagship Nottingham restaurant in December 2021, which will serve as the blueprint for new locations as well as newly refurbished venues. Restaurants in Liverpool and Cookridge in Leeds have undergone significant renovation, with a full refurbishment also scheduled for its Edinburgh restaurant.
It says it wants to ‘build on these solid foundations’ by growing its estate and moving further south.
“The performance of our restaurants, feedback from customers, and positivity of our people are all representative of the momentum we feel building behind Gusto Italian,” says Gusto Italian CEO Matt Snell.
“Given the macro-economic climate, this will be particularly important in ensuring we can remain resilient in response to the unprecedented headwinds facing the hospitality sector.
“Although the next 18-24 months will no doubt bring plenty of challenges, this is an exciting time for the business, and our financial footing offers us an opportunity to continue to invest in our people, develop our sites and expand our footprint”.
“Considering that the year under review included two full lockdowns, the implementation of a regional tiering system, partial re-openings and also periods of time when only outdoor trading was allowed, these financial results present a remarkably robust performance.”
Gusto Italian was founded in Cheshire in 2005 and is backed by Palatine Private Equity.