Turnover drops at Salt Bae’s London outpost
The luxe Knightsbridge venue made a profit before tax of £1.7m, down from £3.3m in 2022.
The business also reported a drop in EBITDA to £2.2m in 2023, compared to £3.9m the prior year. EBITDA declined from 29% to 23.7% of revenue.
Earlier this year, it was revealed that the restaurant had introduced measures to improve energy efficiency amid soaring costs.
Salt Bae - real name Nusret Gökçe - operates more than 20 restaurants around the world, including the US, Middle East, Turkey, and Greece.
Launched in 2021, his London restaurant has come under fire from consumers due to prices. The menu includes a £680 wagyu striploin and a £630 tomahawk steak.
The menu previously included a £1,450 steak topped with gold flakes, which has been removed from the menu.
According to its latest accounts on Companies House, the group believes the principal risk in the industry is competition from other restaurants.
Nusr-Et has built a “strong network and gained awareness through its subsidiaries located in the US,” and generated operating profit in each year operated, according to the directors.
