Gaucho and M's Parent Company, Rare Restaurants, Targets Growth after Record Sales
Posted by Emma on 9th Feb 2024 Reading Time:
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!