Gordon Ramsay Restaurants posts FY pre-tax loss of £12.6m
Exceptional costs rose to £11.7m, up from £4.9m the previous year, largely due to pre-opening expenses for new restaurants
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Gordon Ramsay Restaurants Ltd has posted a pre-tax loss of £12.6m for the 70-week period to 29 December 2024, despite reporting a record rise in underlying EBITDA to £12m during the same period.
The results cover an extended accounting period following a change to the company’s financial year-end from August to December, in which group revenues jumped 40% to £133.9m from £95.6m in the previous 52-week period.
The company, which operates 57 restaurants worldwide, said trading in the UK remained “robust” despite high inflation, wage pressures and energy costs. It credited the performance to brand strength, customer loyalty and operational discipline.
Exceptional costs rose to £11.7m, up from £4.9m the previous year, largely due to pre-opening expenses for new restaurants. The group also recorded a £5.5m expense linked to site impairments and onerous lease provisions following a review of its estate.
In addition, average staff numbers fell to 1,168 from 1,344 in the previous period. The group stated in its filing at Companies House it remains committed to staff welfare, training and equal opportunities, including the recruitment and development of disabled employees.
Capital investment during the period totalled £11.2m, including refurbishments and new site openings. The group secured a new £7.5m borrowing facility with Barclays in September 2023 to support capital expenditure, later extending all lending arrangements to May 2027.
The group’s UK portfolio includes three-Michelin-star Restaurant Gordon Ramsay, one-star Petrus, Restaurant 1890 at the Savoy, and newer openings such as Lucky Cat and Restaurant Gordon Ramsay High at 22 Bishopsgate. It also operates casual dining brands including Street Pizza, Street Burger and Bread Street Kitchen.
According to directors, they were confident in the group’s financial resilience, citing forecasts that indicate sufficient liquidity and covenant compliance for at least 12 months from approval of the accounts. They added that even under a scenario of a 20% sales fall across older sites, the business would not face cash shortages.
