Gaucho and M owner reports sales of £75m as menu changes drive footfall

Gaucho and M owner Rare Restaurants has reported that revenue for its 22 sites has hit £75m.

Rare Restaurants delivered EBITDA of 19% across the group, which now includes new sites in Newcastle, Covent Garden and Cardiff.

Like-for-like sales in 2023 were up 23%, driven by new openings Covent Garden and Cardiff which, the group said, consistently hit weekly net turnover of £200,000.

The growth was credited in part to increasing Gaucho’s appeal to females and an under 40 demographic, thanks to its focus on quality beef and modern Latin American cuisine.

Chief executive Martin Williams said: “As we enter the thirtieth year of Gaucho and tenth year of M, it is amazing to continue to see our company grow in both turnover and profit.”

He added that the management team, including chief operating officer Ross Butler and CFO Steve Cramer had also been encouraged by the reaction to the businesses ‘ethical dining’ initiatives, including its ‘carbon neutral steak’ offering and its modern-slavery partnership with the ‘Not For Sale’ movement.

Williams said: “After a five-year commitment – which proved us to be the exemplar of an empathetic employer during the pandemic – our values and engagement are now firmly embedded with our 1,500-strong family which, combined with our impact initiatives, sees us strive to be recognised as a world-class employer.

“We have seen brilliant growth in cities, towns and local neighbourhoods alike. With a pipeline of 30 UK locations, we will continue to grow our brands in a sustainable manner, which echoes our commitment to continue to offer our best-in-class menus (including carbon neutral beef).”