Gaucho and M's Parent Company, Rare Restaurants, Targets Growth after Record Sales
Posted by Emma on 9th Feb 2024
Rare Restaurants, the parent company of Gaucho and M, is on the brink of significant expansion, planning to launch 30 new sites after achieving a record-breaking revenue of £75.3 million. Under the leadership of Martin Williams, the company has experienced remarkable growth, with a notable increase in turnover in 2023. This success is highlighted by an impressive EBITDA margin exceeding 20% for like-for-like restaurants and an overall group restaurant EBITDA of 19%, factoring in three mid-year openings in Newcastle, Covent Garden, and Cardiff.
Image & Copyright https://gauchorestaurants.com
The company's performance in 2023 outshone its pre-pandemic achievements,
with like-for-like sales witnessing a 23% increase compared to 2019. The new sites, especially Covent Garden and Cardiff, demonstrated their potential by consistently generating weekly net turnovers of £200,000. Despite closing several locations during the 2023 fiscal year, including the Smithfield Gaucho and M restaurants in Victoria and Canary Wharf, Rare Restaurants has streamlined its operations, maintaining a solid presence with a single M restaurant in the City.
Martin Williams emphasised the company's dedication over the past five years, particularly during the pandemic, which has established Rare Restaurants as a model of empathetic employment. With 1,500 employees, the group is committed to being recognised as a top employer through its values, engagement, and impactful initiatives.
Image & Copyright https://gauchorestaurants.com
Looking ahead, Rare Restaurants aims to sustain its growth across the UK with
30 new locations. This expansion reflects the company's sustainable growth strategy and commitment to offering high-quality, carbon-neutral beef menus. By aiming to be both aspirational and accessible, Rare Restaurants seeks to appeal to a broad demographic, ensuring a fun and engaging experience for both guests and employees.
We'd love to hear your thoughts on Rare Restaurants' ambitious expansion plans and their record-breaking year. How do you see their growth impacting the dining landscape in the UK? Share your views in the comments below!