Despite sales rising to £44.7 million in the year to August 2013, Gordon Ramsay’s restaurant empire is reported elsewhere to have suffered a significant loss for the year, the result of substantial legal costs and problems at the York & Albany pub and hotel in North London.
Nonetheless, the Group is now planning to open a string of restaurants in Asia, nor is it standing still closer to home…
Kavalake Group Accounts for Year Ended August 2013
“We are extremely pleased with performance of the group during the year.”
The collection currently comprises 12 restaurants in central London offering luxury experience to guests and employees. Topline figures:
- Turnover up £1.6m to £44.7m (3.9%)
- Gross profit up £2.1m to £21.6m (11.3%)
- EBITDA up to £5m (from £4.8m) (3.7%)
- Profit for the Financial Year increase of 53.4% to £2.9m (Increase of £1m from £1.9m last year)
“The group’s performance has been robust with an increase of turnover, gross profit, EBITDA and profit for the financial year. Like for like covers and spend per head has increased during the period.
Continued expansion and investment in the group
“Since these accounts were filed the performance of the group has increased by 5% for the same period last year (Sept 2013 to April 2014 compared to Sept 2012 to April 2013).
“Union Street Café and London House have both opened since these accounts and are meeting expectations. We have continued to invest in our London collection with refurbishments at our flagship 3 Michelin Star restaurant, Restaurant Gordon Ramsay as well the The Narrow and York & Albany. The group is not standing still and continues to look at new opportunities. There will be new London openings before the end of the year.
“The international horizon is exciting and 2014 will see our entry into Asia market with the first opening in Hong Kong in September. Further expansion planned in the region.
Stuart Gillies, Managing Director:
“The group continues to deliver a strong performance, with growth year on year. During this period we have invested in our collection to ensure our experiences remain first class. We’re delighted with how our new openings are performing and have exciting expansion plans abroad and in London this year and next.”
Expansion into Asia
Gordon Ramsay will be taking his London restaurants to Asia with the announcement that Bread Street Kitchen will be opening in central Hong Kong in September followed by further restaurants in the area and across the region later in the year and in 2015.
Operating as a consultancy and licensing arrangement, the Gordon Ramsay Group will be partnering with Dining Concepts in Hong Kong who specialise in the development of high quality experiences throughout the region.
Opening in September 2014, Bread Street Kitchen will mirror its counterpart in London and will be an exciting restaurant and bar complex in a warehouse-style design with a stunning mix of vintage and modern furniture, creating an atmosphere-led, high quality dining adventure and serving a British European menu.
Bread Street Kitchen is one of 12 restaurants by the Group in London and the team will be working closely with their partners to ensure the quality of the brand and experience. The Group is also in final discussions with Las Vegas Sands regarding potential opportunities in Asia in Singapore and Macau.
Bringing London concepts to new markets
Gordon Ramsay said, “This is an exciting step for the Group, not only to be entering Asia, which has such an amazing food culture but also to bringing our London concepts which have been such a success, to new markets.”
Stuart Gillies, Managing Director added: “As a globally renowned group we get many invitations to expand internationally but it’s important that we work with the right partner who can ensure that our high quality experiences can be delivered. We are really excited about opening in Asia and believe there is a lot of growth potential not just for Bread Street Kitchen but other concepts in our London collection.”
Heddon Street Kitchen for Regent Street Food Quarter
Gordon Ramsay Group’s latest London restaurant, Heddon Street Kitchen, is to open in Regent Street’s Food Quarter on Heddon Street.
Inspired by the Group’s successful city restaurant, Bread Street Kitchen, Heddon Street Kitchen will be an all-day dining and bar concept appealing to workers, tourists, shoppers and locals and ideal for breakfast meetings, family friendly lunches or group dinners.
This restaurant letting, totalling approximately 8,900 sq ft over three floors, will create a stylish and vibrant restaurant reflecting the on-going £1 billion regeneration of Regent Street. Heddon Street Kitchen will complement this world class destination where global brands, such as J Crew and Apple, choose to locate their flagship stores and major companies, such as Twitter and Telefonica Digital, locate their businesses.
David Shaw, Head of the Regent Street Portfolio at The Crown Estate said: “Regent Street consistently works to improve the experience for our customers whether they work or live on the Street or come to shop. Heddon Street Kitchen will be a step change which will add a great attraction to our offer.”
Stuart Gillies, Managing Director, Gordon Ramsay Group, said: “The Gordon Ramsay Group is delighted to be opening its latest London restaurant, Heddon Street Kitchen, in Regent Street’s Food Quarter. This historic part of London offers the perfect location for our stylish and relaxed all-day dining experience.”