Rick Stein’s restaurant group seeks central London site as it returns to profit

Whilst turnover dropped 5% to just under £11.9m, Stein’s Trading reported operating profit up 106.2% to £63,000 for the 52 weeks up to 31 December 2023 with all bank borrowing repaid.

Stein’s Trading sister business, Seafood Restaurant Padstow didn't fare as well but improved its operating profit by 32.1% for the 12 months ending 31 December 2023.

Overall, across both companies, a ‘significant reduction’ in its operating loss was delivered, reduced to £250k compared to an overall loss of £1.47m in 2022.

Following the ‘positive’ result, Stein’s Trading says it is planning to expand its restaurant portfolio and is actively seeking a site in central London. 

It also said that the strategic outsourcing of Steins at Home meal kits to leading home delivery brand, Dishpatch, in 2023 has improved efficiencies and increased profit margins and that it is ‘planning a number of exciting initiatives’ to celebrate its 50th anniversary in 2025. 

“Whilst the hospitality industry continued to face its fair share of challenges during 2023, we enjoyed a successful summer season and improved results in a number of our restaurants,” says Steins Trading managing director Ian Fitzgerald. 

“There are now positive signs of economic recovery with inflation down to 2% and the first reduction in base rate for 22 months recently announced. Having reorganised our finances and driven efficiencies throughout the business we are now exploring expansion opportunities.”

 Shareholder executive director Charlie Stein added: ”Our focus in the next few months is on maximising the opportunities to celebrate the 50th year anniversary of the business in 2025. It is also the perfect time to evolve our restaurant concepts to appeal to a wider audience and we are actively looking to open our first site in Central London.”

Together Stein’s Trading and The Seafood Restaurant are one of the largest private sector employers in Cornwall with an average number of full-time employees standing at 650.

Stein’s Trading operate a total of nine restaurants in Cornwall and the South of England alongside accommodation businesses and retail businesses.