Gordon Ramsay’s flagship Maze restaurant in Mayfair is set to close after reporting a £3.8m pre-tax loss for the year ending August 2017.
Kavalake, the holding company for the firm, will close the flagship outlet in January next year while it plans to open five new restaurant concepts overseas, including a Hell’s Kitchen in Las Vegas.
The parent company’s results showed that the group’s 14 London restaurants saw gross profits of £25.7m, a marginal increase from the previous year’s £25.4m figure.
The five-month closure and renovation of Ramsay’s outlet Plane Food at Heathrow’s Terminal 5 was said to affect the group’s revenue significantly. Kavalake’s international revenue increased by 52% year-on-year to £5.4m where it has accounts for 18 restaurants licensed by Ramsay.
The group said that it had secured a five-year funding agreement with Barclays and added: “A number of new international contracts are being actively negotiated, however, contracts have yet to be signed. The global spread of our restaurants means the business is not reliant upon one location and is therefore well placed to adapt and adjust to softer trading conditions.”
