The group reported a turnover of £75.1m for the year ended 31 December 2023, up from £73.5m the previous year, according to the latest filings to Companies House for parent company Lomo Topco.
However, the group also saw losses rise amid ‘another challenging year for the hospitality industry’.
Pre-tax losses rose from £2.3m to £7.4m over the period.
Operating EBITDA for the year was £4.8m, while adjusted EBITDA before opening costs and exceptional items was £9.1m.
Back in February last year, the group’s now-departed CEO Martin Williams said it had a pipeline of 30 new openings planned following ‘record revenues’ in 2023.
Williams subsequently announced in October that he had left the group to embark on his next ‘personal chapter’ with a new CEO to be appointed in early 2025.
Last year also saw industry veteran David Campbell join the group as chairman.
Rare Restaurants added three new Gaucho restaurants to its estate in 2023 in Newcastle, Cardiff and London’s Covent Garden, while also closing one at Smithfield Market.
The group also closed two of its three M branded restaurants over the period including its much-delayed Canary Wharf site, which only opened the year before.
Rare Restaurants’s estate currently consists of 22 restaurants including 20 Gaucho sites, M Threadneedle Street, and The Crane Tap restaurant and bar in Twickenham.
Writing in the group’s strategic report, director Steve Cramer said Rare Restaurants ‘continued to flourish’ in 2023 as it focused on the performance of its Gaucho brand, despite it being ‘another challenging year for the hospitality industry’
He added that the group ‘continues to outperform market measures’ and is looking forward to ‘positive 2025 trading’.
The results stated that the group’s directors ‘wish to maintain the growth in turnover in the business through continued expansion’.
