According to The Guardian, Gordon Ramsay’s restaurant empire lost £3.4 million ($4.2 million) in 2023, triple the previous year. The famous chef said businesses were “fighting to survive” due to rising rents and food costs.
According to The Guardian, turnover at celebrity chef Gordon Ramsay’s dining establishments, from Michelin-starred Gordon Ramsay Restaurant to Street Burger, increased by 21% to £95.6m in the financial year to 27 August 2023.
The restaurant chain also hired 290 more employees after a difficult time during the pandemic shutdown.
However, pre-tax losses widened to £3.4 million ($4.2 million) from £1.05 million a year earlier, following a one-off charge of £4.9 million.
Much of that was related to pre-opening costs for new restaurants, including Lucky Cat in Manchester, Street Kitchen at Battersea Power Station and Street Pizza in Edinburgh. Mr Ramsay also bought Shoreditch eatery Pizza East.
Mr. Gordon Ramsay.
While the losses are deepening, they mark a turnaround after the pandemic brought Mr Ramsay’s business to a standstill and forced him to cut nearly 300 jobs amid a £12m loss.
“2023 is a really tough year but it’s also an exciting year and in difficult times I’m amazed at how strong and vibrant our industry is,” said Gordan Ramsay. “It’s challenging out there and businesses are struggling to stay afloat, costs are rising, rents and food are rising, there are strikes. It’s a battle.”
“However, I really don’t think it’s been that many years since I opened my first restaurant in 1998 when our industry has been so passionate and vibrant,” added the MasterChef USA judge.
“People still want to go out, break bread and have a good time together. We still have something great to celebrate and I really believe the industry has never been more exciting,” said Mr Ramsay.
Gordon Ramsay, who opened his first solo business Gordon Ramsay on Royal Hospital Road in Chelsea in 1998, said he was on track to surpass £100m turnover this year.
He plans to open five new restaurants in London’s 22 Bishopsgate skyscraper – including the Lucky Cat restaurant on the 60th floor terrace, making it the highest restaurant in the British capital.
The development will also include an outpost of Bread Street Kitchen and Bar, along with the addition of a Michelin-starred Gordon Ramsay Restaurant in Chelsea and the Gordon Ramsay Academy, where culinary enthusiasts can hone their skills.
“This is not just a new opening, it is a significant milestone for our business,” said Mr Ramsay. “We are not only bringing the ultimate dining experience to London, but also creating a vibrant culinary hub at the incredible 22 Bishopsgate.”
