Gordon Ramsay Group plans further Pizza East openings as turnover nears £100m
Ramsay acquired the Pizza East brand as well as its flagship restaurant in London's Shoreditch in February 2023, marking the first time the chef had acquired an already-existing restaurant concept in the UK.
Now the group is looking to expand Pizza East alongside other brands including Lucky Cat, Street Pizza and Bread Street Kitchen.
It comes as Gordon Ramsay Restaurants reports a further rise in turnover for the year ended 27 August 2023, from £78.9m to £95.6m.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the period was £8.3m, up from £6.2m the year before, marking the group’s highest-ever recorded EBITDA.
The group’s loss before tax for the year was £3.4m (2022: loss of £1.1m), which the group blamed on year-on-year increase in depreciation, finance charges and exceptional costs associated with its ongoing expansion.
Exception costs for the period totalled £4.9m, much of which was attributed to pre-opening costs associated with launching new restaurants.
Gordon Ramsay Restaurants currently has an interest in 56 restaurants worldwide including 34 in the UK and 22 licensed locations across Europe, the Middle East and Asia.
The chef also holds a significant presence in the US, where he operates a further 20+ sites under brands including Gordon Ramsay Steak, Gordon Ramsay's Fish & Chips, and Hell’s Kitchen.
Looking to the year ahead, Ramsay’s appetite for growth continues unabated, with the announcement yesterday of five new venues that are set to launch at 22 Bishopsgate in London next year.
Described as the chef’s ‘largest investment yet’, the openings will include a second, smaller iteration of his three Michelin star flagship Restaurant Gordon Ramsay.
Further expansion is also planned internationally, with ‘multiple’ new openings slated in Thailand, the Philippines, Saudi Arabia and India.
The group’s directors are also ‘actively pursuing’ new partnerships.
