Growth strategy 'on course' at Gordon Ramsay Restaurants as it posts £6.8m loss

Consolidated turnover for the group over the year, which saw trading significantly impacted by the Covid-19 pandemic and included two periods of lockdown closure, reduced to £26.2m from £34.5m in 2020.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the year was a loss of £1.1m.

The group notes that the pandemic had a significant impact on the group, and that there are new risks to consider associated with inflationary pressures and consumer spending.

But it adds that since the end of legal restrictions in February 2022, the group has traded consistently and profitably, with like for like sales consistently ahead of pre-pandemic trading.

In the previous non Covid-impacted year to 31 August 2019, consolidated turnover for the group was £54.7m.

Gordon Ramsay Group launched 10 new restaurants during the financial year, primarily through the rollout of its Street Burger and Street Pizza brands. 

In the premium casual category, meanwhile, it has also begun to grow its Bread Street Kitchen and Café brands, which the directors plan to grow more widely across the UK.

Additionally, the directors view the Gordon Ramsay Academy concept, which launched in Woking, Surrey, in September 2021, as being a scalable asset both in the UK and internationally. 

Gordon Ramsay Restaurants operates a total of 35 restaurants in the UK, which also include a number of singular, high-end restaurants such as the three Michelin-starred fine-dining flagship Restaurant Gordon Ramsay in Chelsea; Petrus in Belgravia; and Lucky Cat in Mayfair.

In addition it holds license agreements for 13 restaurants in various locations around the world.