Rare Restaurants posts £73.5m turnover
The group opened a new Gaucho in Newcastle with one in Covent Garden opening next month, the first to open in London in over a decade
Rare Restaurants has posted a turnover of £73.5m for the year ended 1 January 2023, as part of record breaking results for the company.
This turnover was up 38% compared with the same period in 2022 and up 29% compared with 2019.
The group also posted an EBITDA before pre-opening costs of £9.7m, which amounted to 13.2% of the company’s revenue.
Like for like sales across the group were up over 30% compared with 2021.
The group opened a new Gaucho in Newcastle with one in Covent Garden opening next month, the first to open in London in over a decade.
A third restaurant will open in Cardiff over the coming months bringing the Gaucho portfolio to 20 restaurants.
Martin Williams, CEO and founder, said: “We are incredibly proud of our 2022 results, with our restaurants performing well ahead of expectations. With the huge support of excellent shareholders in SC Lowy and Investec, we’ve delivered an extraordinary turnaround and exceptional results despite the pandemic and pressures from the well-publicised headwinds facing our industry.
“Our team commitment to innovation and quality ensures we continue to engage with our core broad demographic, whilst attracting new diners. Based on the first quarter’s trading and our focus on expansion, with two new Gaucho openings in the coming months, we are confident that 2023 will be a hugely successful year for the group.”