Rick Stein exploring expansion opportunities, seeking central London site: Rick Stein’s restaurant business has said that it is looking to expand its restaurant portfolio and is actively seeking a site in central London. It comes as the business announced its financial results for the year ended 31 December 2023 with the company returning to profit. The company said that while turnover dropped 5% in the year to just under £11.9m, Stein's Trading restaurants reported operating profit up 106.2% to £63,000 against a £1.009m loss in the previous year, with all bank borrowing repaid. The business said that in terms of its performance in 2024, the season started slow due to the late Easter. However, summer is “performing well with the group’s ‘Summer of Shellfish’ campaign driving footfall”. Sister business, Seafood Restaurant Padstow, improved its operating profit of 32.1% for the 12 months ending 31 December 2023. Overall, across both companies, a significant reduction in its operating loss was delivered, reduced to £250,000 compared with a loss of £1.47m in 2022. The business said that the strategic outsourcing of Steins at Home meal kits to home delivery brand, Dishpatch, in 2023, improved efficiencies and increased profit margins. The group said it is planning a number of “exciting initiatives” to celebrate its 50th anniversary next year. Ian Fitzgerald, managing director, Steins Trading, said: “While the hospitality industry continued to face its fair share of challenges during 2023, we enjoyed a successful summer season and improved results in a number of our restaurants. There are now positive signs of economic recovery with inflation down to 2% and the first reduction in base rate for 22 months recently announced. Having reorganised our finances and driven efficiencies throughout the business we are now exploring expansion opportunities.” Charlie Stein, shareholder executive director, added: “Our focus in the next few months is on maximising the opportunities to celebrate the 50th year anniversary of the business in 2025. It is also the perfect time to evolve our restaurant concepts to appeal to a wider audience and we are actively looking to open our first site in central London.” Stein’s empire, which he owns with ex-wife Jill, includes The Seafood Restaurant and other locations in Padstow (Cornwall) as well as sites in Sandbanks in Dorset, Winchester in Hampshire), Marlborough in Wiltshire and Barnes in London. Stein's Restaurant Restaurant Group consists of two trading companies, Stein Trading Company and The Seafood Restaurant (Padstow) .The companies operate ten restaurants in Cornwall and the south of England, 44 rooms and six shepherd huts plus retail gifts and deli shops. Rick Stein features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members and features 958 companies. Rick Stein’s turnover of £11.9m is the 639th highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.

JAB Holdings-backed Espresso House hires Thomas Kelly as group CEO: Espresso House, the JAB Holdings-backed premium café and coffee brand in the Nordics, has hired Thomas Kelly, who recently moved from chief executive of Honest Burgers to its chairman, as its new group chief executive. He will start in September at Espresso House, which operates more than 500 cafes across northern Europe. The company said that Kelly brings decades of fast-casual and coffee experience, including as chief executive of McDonald’s Finland and Sweden, global executive director of Costa Coffee, and, most recently, chief executive of Honest Burgers. Earlier this month, it was announced that Kelly, who joined Honest at the start of this year as its chief executive, was to step up to become its chairman from September. Honest said Kelly was relinquishing his executive operational leadership role to allow him to focus on other opportunities. He said: “The fast-casual food and beverage sector continues to be filled with opportunities for excitement and innovation. The characteristics that have made Espresso House a national champion in Sweden and across the Nordics, present a remarkable platform for further growth. I look forward to bringing consumers in all our markets delicious food and drinks, warm and welcoming environments, all underpinned by our dedication to the fika tradition.” Additionally, Konrad Meyer has assumed the position of chairman at Espresso House. Meyer is also chair of the JAB Holdings-backed Pret A Manger. Meyer said: “We are very happy to welcome Thomas to Espresso House and, coincidentally, are reuniting a proven duo of Thomas and Daniel Sandström, our chief financial officer, who worked together for many years at McDonald’s. Our strengthened executive leadership team brings extensive Nordic and fast-casual experience. I look forward to partnering with Thomas, the board and the entire Espresso House team in pursuing our growth ambitions, while maintaining our commitment to serving the best coffee and food to our customers every day.” Honest appointed Matt Brandon, the 39-strong company’s chief financial officer, to become its interim chief executive, while a search for a permanent replacement for Kelly is carried out.