Gordon Ramsay’s restaurant empire posted pre-tax losses of almost £4 million this year, as the celebrity chef disclosed plans to shut his formerly Michelin starred Maze in London’s upmarket Mayfair.
Mr Ramsay’s holding company Kavalake booked a pre-tax loss of £3.8 million in the year to August 31 2017, which compares with a £102,000 profit in 2016.
Revenue at the group, which includes his other flagships Petrus, Savoy Grill and Bread Street Kitchen brands, came in slightly down at £51.4 million.
Gordon Ramsay’s restaurant empire posted pre-tax losses of almost £4 million this year, as the celebrity chef disclosed plans to shut his formerly Michelin starred Maze in London’s Mayfair
The news comes amid a downturn in revenue for restaurants across the high street following a crunch in casual dining.
A study published in March indicated one in three of the UK’s top 100 restaurants are loss making – a rise in 75 per cent this past year.
Mr Ramsey’s sales were impacted by a five-month closure of Plane Food, the chef’s Heathrow Terminal 5 operation.
But turnover at Mr Ramsay’s international arm rose 52 per cent, with the firm to open five new sites this year.
Accounts filed at Companies House also show that Mr Ramsay is to shut upmarket Maze in January 2019
The restaurant, which held a Michelin star until 2015, is situated in the Marriott Grosvenor Square hotel and will be replaced with a new ‘concept’ restaurant
One site includes Hell’s Kitchen, a new concept restaurant in Las Vegas, which opened its doors in January and is performing ‘ahead of expectations’.
Accounts filed at Companies House also show that Mr Ramsay is to shut upmarket Maze in January 2019.
The restaurant, which held a Michelin star until 2015, is situated in the Marriott Grosvenor Square hotel and will be replaced with a new ‘concept’ restaurant.
The company continues to ‘actively look for new restaurant locations both in the UK and internationally’, despite the wider malaise in the sector.
This year has seen the likes of Byron, Prezzo and Jamie’s Italian shut hundreds of stores through restructures after being hit by rising costs and falling consumer confidence.