Rick Stein looking to open first central London restaurant

Rick Stein’s hospitality group is looking to open its first restaurant in central London after returning to profit last year.

 

A trading update from the business said it was planning to expand following a bumper summer in 2023.

 

Stein’s group is one of the largest private sector employers in Cornwall and employs around 650 people.

 

His hospitality empire includes six restaurants in Cornwall and one each in Marlborough, Sandbanks and Winchester. The group’s first London restaurant opened in the south-west suburb of Barnes in 2016.

 

Accounts show that turnover at Steins Trading Ltd dropped 5% to just under £11.9m in 2023.

 

However, operating profit jumped 106% to £63,000 after posting a £1m loss in 2022.

 

The company said outsourcing the operations for the Steins at Home meal kits, which were set up to great success during the pandemic, had helped increase profit margins.

 

Sister business, Seafood Restaurant Padstow, improved its operating profit of 32.1% in 2023. Overall, across both companies, operating losses were reduced to £250,000 compared to £1.47m in 2022.

 

Ian Fitzgerald, managing director at Steins Trading, said: “Having reorganised our finances and driven efficiencies throughout the business we are now exploring expansion opportunities.”

 

The group is also planning initiatives to celebrate its 50^th anniversary in 2025. Rick and Jill Stein founded the business with the launch of the Seafood Restaurant on Padstow Harbour in 1975.

 

Charlie Stein, shareholder executive director across the business, said: “Our focus in the next few months is on maximising the opportunities to celebrate the 50th year anniversary of the business in 2025.

 

“It is also the perfect time to evolve our restaurant concepts to appeal to a wider audience and we are actively looking to open our first site in central London.”