Gordon Ramsay’s restaurant empire announced losses of £3.4m this week, amidst news of major expansion in London. According to his Companies House filings, that number means that Gordon Ramsay Restaurants losses have almost tripled, from £1.05m the year before.
It doesn’t all make for bad reading. Sales at Ramsay’s restaurants actually rose by 21% to £95.6m in the year to 27 August, but the restaurant group has invested heavily in one-off costs, spending £4.9m on new restaurants around the UK, including Lucky Cat Manchester, Bread Street Kitchen at Battersea Power Station and Pizza East in Shoreditch.
Ramsay’s restaurants have also hired 290 new staff, helping to reverse a trend that saw them forced to cut nearly 300 jobs during the pandemic.
Ramsay said: ‘It’s been a really hard-fought year, but at the same time an exciting year, and in tough times it amazes me how strong and vibrant our industry is. It’s challenging out there and businesses are battling to stay afloat, rising costs, rent and food costs, multiple strikes. It’s a battle.
‘However, I genuinely don’t think there’s been a year since I opened my first restaurant in 1998 where there has been so much passion and vibrancy in our industry.
‘People still want to go out, break bread and have a good time together. We’ve still got something wonderful to celebrate and I truly believe the industry has never been so exciting.’
The news comes off the back of a big announcement by Ramsay, who plans to open five new sites at 22 Bishopsgate in London, including a new Lucky Cat site that will become the highest restaurant in the UK, clocking in at 269m above ground. 22 Bishopsgate will also feature a Bread Street Kitchen site, a smaller extension of his three Michelin-starred Restaurant Gordon Ramsay, a roof terrace and cocktail bar, and a Gordon Ramsay Academy cook school.
'This is more than just a new opening,' said Ramsay, 'it’s a significant milestone for our business. We’re not only launching the highest culinary experiences in London, but also creating a vibrant culinary hub at the incredible 22 Bishopsgate.'
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