Corbin & King's Rex Restaurants sees 105% turnover rise

Jeremy King and Chris Corbin's Rex Restaurants has seen turnover climb 105% in just one year, as the business continues to expand.

Accounts for the year to 31 March 2013 showed that the company's annual turnover hit nearly £28.6m, compared to just under £14.7m the year before.

This was thanks to the openings of both Brasserie Zedel in London's Sherwood Street, and Colbert in Sloane Square, which launched in June 2012 and October 2012 respectively.

In its directors' report, Rex Restaurants said that the year to 31 March 2013 had been "transformational" for the company, after it secured new bank facilities in April 2012 and a £21.5m investment in equity and loan notes, backed by Graphite Capital.

The 31 March 2013 also marked the anniversary of the openings of the Delaunay in London's Aldwych, which has seen turnover increase 243%.

Despite the increased turnover for the group, the cost of the new openings meant it still made a pre-tax loss of £2.8m, down from just under £3.8m the year before.

Rex Restaurants currently has four restaurants, including the Wolseley, which the company said was still growing "strongly" with turnover for the year up 2% and operating profit up 33%.

This year, the business is set to open its first hotel, the Beaumont on Balderton Street in Mayfair. It is scheduled to open in the summer. Meanwhile it will open a new cafe, called Fischer's, in Marylebone in spring 2014.

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