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Gordon Ramsay restaurant group books annual loss

UK News | Published:

Sales were impacted by a five-month closure of Plane Food, the chef’s Heathrow Terminal 5 operation.

Gordon Ramsay’s restaurant empire swung to a loss last year as the celebrity chef disclosed plans to shut the Maze in London’s Mayfair.

Mr Ramsay’s holding company Kavalake booked a pre-tax loss of £3.8 million in the year to August 31 2017, which compares with a £102,000 profit in 2016.

Revenue at the group, which includes the Petrus, Savoy Grill and Bread Street Kitchen brands, came in slightly down at £51.4 million.

Sales were impacted by a five-month closure of Plane Food, the chef’s Heathrow Terminal 5 operation.

But turnover at Mr Ramsay’s international arm rose 52%, with the firm to open five new sites this year.

One site includes Hell’s Kitchen, a new concept restaurant in Las Vegas, which opened its doors in January and is performing “ahead of expectations”.

Accounts filed at Companies House also show that Mr Ramsay is to shut upmarket Maze in January 2019.

The restaurant, which held a Michelin star until 2015, is situated in the Marriott Grosvenor Square hotel and will be replaced with a new “concept” restaurant.

The company continues to “actively look for new restaurant locations both in the UK and internationally”, despite the wider malaise in the sector.

This year has seen the likes of Byron, Prezzo and Jamie’s Italian shut hundreds of stores through restructures after being hit by rising costs and falling consumer confidence.

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