Gordon Ramsay reports £3.8m loss, replacing Maze in January with new concept

by XPRESS, 17 May 2018

Meanwhile, Ramsay will close his Mayfair restaurant Maze in January next year and replace it with a new concept.

Ramsay is also continuing to look for new sites in the UK and internationally.

Since the year end, a new five-year banking facility has been secured with Barclays.

The details were revealed in accounts filed at Companies House for Gordon Ramsay Group’s holding company Kavlake.

Turnover fell 1% to £51,400,000, compared with £51,922,000 the previous year, which the company said was down to the five-month closure of its Plane Food restaurant at Heathrow Terminal 5, which has seen sales increase in excess of 25% since reopening.

International revenue was up 52% to £5,471,000 ,compared with £3,576,000 the previous year.

Adjusted Ebitda was down to £4,032,000 compared with £4,599,000 the year before, while the company made a pre-tax loss of £3,805,000 compared with a profit of £102,000 the previous year.

In the report accompanying the accounts, the directors stated: “The expansion programme continues in 2018 with five planned venues.

This includes one site in China and four in North America, including a new concept in Las Vegas called Hell’s Kitchen, which opened at the beginning of January 2018 and is already performing ahead of expectations.

A new ten-year lease has been signed for Maze and Maze Grill Mayfair.

Maze will close in January 2019 and a new concept will be launched.

The group continues to actively look for new restaurant locations in the UK and internationally.

A number of new international contracts are being actively negotiated. However, contracts have yet to be signed.”

Ramsay operates 14 restaurants in London and 18 overseas. During the period, the number of employees increased to 820 from 766 the year before.

Article Credit: Propel info