Profits slump at Salt Bae’s Nusr-Et steakhouse

Profit before tax slumped by around 50% at Salt Bae’s Nusr-Et steakhouse in London’s Knightsbridge, accounts filed with Companies House have revealed.

Accounts for 2023 showed that turnover at the celebrity chef’s London restaurant fell from £13.6m in 2022 to £9.3m last year.

Earnings before interest, taxes, depreciation, and amortisation stood at £2.2m, down from £4m in 2022 while pre-tax profits slumped from £3.3m to £1.7m.

The company’s directors stated that the business’ profits and cash reserves will allow it trade for the foreseeable future, with its principal risk arising from competition from other restaurants.

Nusr-Et London launched in September 2021 and marked the group’s first UK opening, following restaurants in Turkey, Dubai, Abu Dhabi and in the US.

Turkish chef Nusret Gökçe, nicknamed ‘Salt Bae’ after his flamboyant meat seasoning antics turned him into a social media star, had been planned for several years before the doors finally opened.

In its first 14 weeks the restaurant turned over £7m, but has critical acclaim has remained out of reach with the Evening Standard’s Jimi Famurewa writing: “This vibeless business lounge is categorically a bad restaurant.”

For a time, Nusr-Et served a golden giant tomahawk steak costing £1,450, which attracted Animal Rebellion activists to the restaurant in December 2022.