It comes as the group posted a pre-tax loss of £941,725 in its latest financial results for the year ended 31 March 2024, down from a profit of £769,671 in 2023.
Ottolenghi, which operates several cafés across London under its eponymous brand alongside higher spend one-offs Nopi in Soho and Rovi in Fitzrovia, described the year as being defined by ‘operational growth’
It opened its first site outside of London, in Bicester Village, during the period, as well its first in the capital to be outside of Zones 1 and 2 in Hampstead.
The new site openings drove an 11.1% rise in turnover, from £27.8m to £30.9m.
However, an expansion in central costs related to various initiatives including the development of a new website, combined with increased cost pressures including a rise in utilities and the National Minimum Wage, meant that EBITDA before pre-opening costs dropped from £2.8m to £1.7m over the period.
After being forced to cut operating hours across some of its sites last year because of challenges to recruitment caused by Brexit and the impact of the Covid-19 pandemic, the group said that overall vacancies are now starting to fall.
The company has reduced its open vacancies to less than 2% for the last six months, which it credited to the digitisation and development of its recruitment process.
Additionally, there has been an increased focus on internal progression and promotion through the group’s new management development program.
Its current staff turnover rate is 12%, which is ‘lower than the industry average of 25%’.
Looking ahead, the group is also preparing to open a restaurant in Geneva, Switzerland, next year under a partnership Mandarin Oriental, which will mark its first location outside of the UK.
Alongside this it will be focusing on expanding its wholesale business, with further products and entry into new international markets.
