The Express reports that Gordon Ramsay’s Kavalake company has borrowed £13 million from Barclays to fund the expansion of his restaurant empire. The company is believed to be particularly keen to expand its presence in the US and Asia.
Ramsay has already opened up a Bread Street Kitchen, and Kavalake has 31 restaurants in total, including London, Hong Kong and Singapore.
The latest set of accounts for Kavalake showed a pre-tax loss of £2 million on turnover of £44.7 million for the year ended August 31, 2014. 2015 revenues are said to have come in 12.6 per cent higher at £50.3 million, while earnings before exceptional items, taxes and other costs have increased by 39.2 per cent to £5.7 million.
Stuart Gillies, Kavalake managing director, is quoted as saying:
“We are very pleased with the growth in sales and earnings over the past year. The new banking facilities that have been put in place will further strengthen the group going forward.”
For the full article click here