Plans for 50 Gordon Ramsay sites in next five years and Bread Street Kitchen roll-out
Gordon Ramsay plans to open up to 50 sites across the UK in the next five years as well as rolling out the Bread Street Kitchen concept, a financial report for Gordon Ramsay Restaurants has confirmed.
There are also plans to open new Street Burger sites both inside and outside of London.
For the year ended 31 August 2019, the group's turnover grew to £54.7m, an increase of 2.1%, and reported pre-tax profit of £15.2m, up from £500,000 in 2018.
It also reported growth in earnings before interest, tax, depreciation and amortisation (EBITDA) of 26.9% to £6.6m.
However, in statements regarding this year's trading, Gordon Ramsay Restaurants said the outbreak of Covid-19 in the UK had had a "significant impact of the business" and the full impact of the pandemic on the company is not yet known.
The business is made up of 14 London restaurants, with 10 more under licence agreements, including the three-Michelin-starred Restaurant Gordon Ramsay, Michelin-starred Petrus, Savoy Grill and Lucky Cat, as well as Bread Street Kitchen, Gordon Ramsay Plane Food at Heathrow Airport Terminal 5, Heddon Street Kitchen, Union Street Café and London House.
The group said in the report it had been able to negotiate concessions from landlords across the estate and more flexible payment terms with creditors as well as securing additional funding from its bank. It added that trading since reopening is ahead of forecasts. With the headroom within the group's forecast and the committed undrawn funds available to the group, the directors added the business is expected to meet its liabilities over the next year.
Although The Catererreported in March that Gordon Ramsay Restaurant Group had terminated the contracts of hundreds of staff members working across its London restaurants, the group is understood to have since made use of the Coronavirus Job Retention Scheme to furlough staff.
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