Friday five: the week's top restaurant stories
- Brian Trollip has been promoted to the role of CEO at Dishoom. Previously managing director at the Bombay-inspired Indian restaurant group, Trollip’s new role sees him looking after all aspects of the business as it continues to grow and evolve. Trollip joined the restaurant group five months into its life in November 2010 when it had just one restaurant in Covent Garden and employed around 50 staff. Today, the group operates 13 restaurants, comprising 10 Dishooms and three Permit Rooms, the third of which opens in Oxford this week, employs around 2,00 people and reported a turnover last year of £117m. He became managing director at Dishoom in October 2020.
- Profits at the UK's biggest 100 restaurant groups have fallen in the past year despite an increase in turnover. Overall profits fell by 1% to £244.1m in 2024, down from £246.5m the previous year, according to new research by accountancy group UHY Hacker Young. This was despite turnover at the UK’s top 100 restaurant groups increasing sharply in the past year, reaching £9.6bn in September 2024, a 21% increase from £7.9bn in the previous year. However, the benefits of that increase in turnover have been largely eroded by the impact of inflation on food and drink costs and a higher interest burden on debt, says UHY Hacker Young. The results are described by UHY Hacker Young as 'a creditable performance' considering the challenges the sector has faced from the cost-of-living crisis and years of losses the sector has suffered from during the pandemic. The top 100 UK restaurant companies reported a loss of £673m in 2021, it says.
- Michelin has chosen the city of Glasgow in which to host next year’s annual revelation ceremony for its Great Britain & Ireland guide. Taking place on 10 February 2025 at Glasgow’s Kelvingrove Art Gallery & Museum it will be the first time the event has been held in Scotland and will continue the tyre company's moving of the event beyond the capital following this year’s event in Manchester. At the ceremony new Michelin stars and special awards will be unveiled.
- Edinburgh-based restaurant ASKR has closed after little more than six months’ trading following the departure of chef patron Dan Ashmore. Ashmore announced over the weekend that he had stepped away from his role as executive chef of the Dean Banks Group, which backed ASKR, after nearly three years. “The time has come for me to move on to my next adventure,” he said. It is understood that ASKR, which opened in Leith back March and specialised in fire pit-style barbecue cooking, closed its doors last month. The site has subsequently hosted a pop-up for a new seafood concept called Plaice, with Banks expected to permanently relaunch the site under that brand in the coming months.
- McDonald’s saw operating profit at its UK restaurants plunge from £165m in 2022 to just £11m in 2023, according to its latest financial results. The fast food giant said the fall in operating profit, which came despite a £238m increase in company turnover, was predominately driven by an investment and intangibles impairment of £48m. This was further exacerbated by inflationary pressures, impacting food, paper and utility costs within its company-operated estate. McDonald’s Restaurants Limited reported a total company turnover of £1.8bn for the year ended 31 December 2023, with a gross profit of £826m, down from £861m the year before. The rise in turnover was attributed to increased sales across McDonald’s system. Profit after tax fell from £129.7m to £35.5m over the period.
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