Gordon Ramsay Group Eyes Global Expansion with Pizza East and Other Brands as Turnover Approaches £100m
Posted by Emily on 18th May 2024
Gordon Ramsay Restaurants is gearing up for significant domestic and international expansion with its Pizza East brand, which was acquired in February 2023. This marks the first time the renowned chef has bought an existing restaurant concept in the UK. The expansion plan includes opening new outlets under various brands, such as Lucky Cat, Street Pizza, and Bread Street Kitchen.
Photo Credit - Pizza East / Gordon Ramsay Holdings
The group's ambition is not just a vision but a reality, as evidenced by its robust financial performance. Turnover has climbed from £78.9 million to an impressive £95.6 million for the fiscal year ending August 27, 2023. This period also saw the highest-ever recorded adjusted EBITDA of £8.3 million, a substantial increase from the previous year's £6.2 million.
Despite this growth, the group reported a pre-tax loss of £3.4 million, primarily due to increased depreciation, finance charges, and exceptional costs linked to its ongoing expansion, which amounted to £4.9 million for the year.
Currently, Gordon Ramsay Restaurants holds interests in 56 global locations, including 34 in the UK and 22 licensed sites across Europe, the Middle East, and Asia. In the US, Ramsay operates over 20 establishments under brands such as Gordon Ramsay Steak, Gordon Ramsay's Fish & Chips, and Hell's Kitchen.
Photo Credit - Pizza East / Gordon Ramsay Holdings
Looking forward, Ramsay announced the launch of five new venues at 22 Bishopsgate in London for the next year, including a smaller version of his three Michelin-star restaurant, Restaurant Gordon Ramsay. Plans for further international openings are in place, with multiple sites expected in Thailand, the Philippines, Saudi Arabia, and India. The group's directors are also seeking new partnerships to fuel this growth.
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