Gordon Ramsay Restaurants sees 12 months of positive like-for-like sales, secures new bank facility: Gordon Ramsay Restaurants has reported twelve months of positive like-for-like sales for the period to 27 August 2023, during which its super-premium, premium casual and casual segments all delivered increases in adjusted Ebitda. The company, which operates 56 sites in total – 34 UK based restaurants operated by group companies, together with 22 licensed locations in Europe, the Middle East and Asia, posted full-year turnover of £95,620,000, up 21% on the previous year (2022: £78,944,000), driven by like-for-like sales growth, newly opened UK restaurants and new international licensing fees. Adjusted Ebitda for the period was £8.3m profit (2022: £6.2m profit) – the group’s highest ever recorded Ebitda. Exceptional costs were £4.9m (2022: £3.0m), the most significant element being pre-opening costs associated with launching new restaurants. It also posted a pre-tax loss of £3,417,000 (2022: pre-tax loss of £1,053,000) after year-on-year increases in depreciation, finance charges and exceptional costs associated with its continued growth. Capital invested into new restaurants, refurbishments and into maintaining its existing estate was £13.4m (2022: £8.1m). The company, which expects revenues to pass £100m in its current financial year, said it had agreed a new borrowing facility of £7.5m with Barclays after the period end to fund capital expenditure, and that this had already been fully drawn. In the UK, the company opened five new UK restaurants during the year and two major refurbishments were undertaken. Internationally, the business opened two new sites in South Korea, with a third opening after the period end. It also opened two sites in Qatar. After the period end, there were further new openings: Street Pizza, a second restaurant in Kuala Lumpur (Sept 2023), Gordon Ramsay Pub & Grill Macau (Oct 2023), and in Bangkok both Bread Street Kitchen & Bar (Dec 2023), and Street Pizza (Jan 2024). Gordon Ramsay at the Residence Shanghai opened in December 2023 as part of an exclusive private members club opened by Harrods. The business said that its principal focus for its near term growth plans is the planned opening of new restaurants in the top levels at 22 Bishopsgate, the City of London’s tallest building. The group has leased approximately 30,000 square feet across four floors, and is due to open Lucky Cat by Gordon Ramsay, Restaurant Gordon Ramsay High, Bread Street Kitchen and Bar and Lucky Cat Terrace over levels 58 to 61, as well as The Gordon Ramsay Academy running a short range of courses in a bespoke kitchen. There are also commitments to open multiple new sites under a number of recently signed agreements, including in Thailand, Philippines, Saudi Arabia and India. The business said it was also actively pursuing new partnerships. Last month, Propel revealed that Ramsay was in talks to acquire the former Haugen site in London’s Stratford, with a view to opening a Bread Street Kitchen on the site, which closed last autumn. The company said: “The UK economy continues to see significant impacts and risks arising from geo-political issues, with international tensions and wars across the Middle East, Asia and Europe, together with global supply chain challenges and inflationary pressures impacting commodity, food and utility prices for both the group, and consumers in general. The variety of concepts and choice of location throughout London, together with the commencement of expansion across the UK, as well as the group’s international licencing agreements help to minimise risk of dependency on one brand or economic area.” Gordon Ramsay Restaurants features in the Propel Turnover & Profits Blue Book. Its turnover of £78,929,000 for the year ending 28 August 2022 is the 90th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. 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.

Sector well represented in Sunday Times “Best Places To Work” 2024 lists: The UK’s hospitality and leisure sectors are well represented in this year’s Sunday Times “Best Places To Work” lists, which audits 70,000 companies, with circa 30 businesses included. The Sunday Times Best Places to Work list recognises and celebrates organisations that are exceptional in how they treat their employees, are strong in retaining and attracting talent and build their brand as a great place to work. Wagamama, Moto Hospitality, Valor Hospitality Group and David Lloyd Clubs were named in the Very Big Companies category (2,000-plus employees) part of the list. The Big organisation category (20-1,999 employees) features Atlas Hotels, Bella Italia, Burger & Lobster, Dakota Hotels, De Vere, Dishoom, the Dorchester Collection, Drake & Morgan, Firmdale Hotels, Flat Iron, Hall & Woodhouse, Heartwood Collection, Individual Restaurants, JKS Restaurants, Las Iguanas, Mowgli, Oakman Group, Permanently Unique Group, Rare Restaurants (Gaucho), Red Engine, Signature Group, The Gym Group and Wingstop. Bao London, Farmer J, Jamie Oliver Group, Lina Stores, Longbow Bars and Restaurants and Nell’s Pizza featured in the Medium category (50 to 249 employees). At the same time, sector accountancy firm haysmacintyre was named in the Big organisation category and sector recruitment firm Sixty Eight People was named in the Small companies list (10-49 employees). Dishoom was named best place to work for ethnic minorities and Sixty Eight People was highly commended for being the best place to work for LGBTQIA+ employees. Helen Melvin, people director, at the Heartwood Collection, said: “We are delighted to have been placed in the Sunday Times Best Places to work. It reflects the time and investment we put into creating workplaces our teams are proud of, where they feel recognised and valued. The insights we have gained from taking part also highlight how we can continue to ensure Heartwood Collection remains a positive working environment for everyone.” Tom Grogan and Herman Sahota, co-founders of Lemon Pepper Holdings, master franchisee, Wingstop UK, said: “It’s a real honour to be included in this year’s list of the best places to work in the UK. This award is testament to our fantastic teams, who I would like to thank personally as they continue to drive our growth whilst providing a personalised and authentic experience for wing-lovers up and down the country. The Wingstop UK experience is unique, and we are pleased to be recognised and rated so highly as we bring our bold flavours to more diners across the UK.”