Salt Bae’s UK Restaurant Arm Suffers £5.4m Loss After US Closures
Posted by Emma on 7th Oct 2025 Reading Time:
The UK division of Salt Bae’s luxury steakhouse group has posted a £5.4 million loss after closing several international restaurants, including sites in Boston and New York.
Turkish chef Nusret Gökçe—better known as Salt Bae—rose to global fame in 2017 after a viral video showed him theatrically slicing and seasoning steak. His London restaurant, Nusr-Et, opened in 2021 at the Park Tower Knightsbridge Hotel, quickly attracting celebrities such as David Beckham and Cristiano Ronaldo willing to pay hundreds of pounds for a single steak .
Turnover Up, Profits Down
Nusr-Et UK’s turnover increased to just over £10 million in 2024, compared to £9.3 million the previous year. However, the group reported a pre-tax loss of £5.4 million, a steep fall from a £1.6 million profit the year before. The downturn stemmed from a £6.6 million impairment charge linked to the closure of its American operations, which are owned by the UK arm .
Despite the setback, the company maintained a positive EBITDA of £1.8 million, down from £2.2 million in 2023, showing continued operational stability amid international turbulence .
A Brand Losing Its Shine
When Nusr-Et London first opened, it generated more than £7 million in just 14 weeks of trading and gained notoriety for its £1,450 gold-covered steak. But as energy prices soared and customer reviews soured, the restaurant made cost-cutting moves—dropping its most extravagant dishes and even reducing central heating use to save energy.
Recent months have brought a wave of one-star reviews on TripAdvisor, with complaints about “overcooked and oversalted” steaks, inattentive service, and overpriced dishes. The directors admitted that “competition from other restaurants” remains the main risk to the London site’s performance .
Consolidation and Uncertainty
Globally, Gökçe has been scaling back operations. Restaurants in Dallas, Las Vegas, and Beverly Hills have all closed this year, leaving just 11 venues worldwide, including remaining locations in Miami and New York.
According to filings at Companies House, Nusr-Et UK’s directors remain confident that the company can continue to trade “for the foreseeable future,” citing ongoing operating profits and careful cash-flow management.
For a brand that once epitomised viral luxury dining, the current figures mark a sobering turn. While Nusr-Et’s theatrical image once drew crowds, its long-term survival now depends on something far more traditional—consistent quality and sound business fundamentals.