Rick Stein’s restaurant group returns to profit in FY23

Steins Trading Ltd, which operates Rick Stein restaurants, has returned to profit in FY23,  despite turnover dropping by 5% to just under £11.9m. 

In its latest full-year results, the group reported an operating profit of £63k for the year to 31 December 2023, up by 106.2% against the prior year, with all bank borrowing fully repaid.  

Meanwhile, sister business – Seafood Restaurant Padstow – saw its operating profit improve by 32.1% for the year. 

Overall, both companies have managed to significantly reduce their operating losses to £250k as opposed to a loss of £1.47m in 2022. 

As a result, Steins Trading has confirmed that it is looking to expand its portfolio, and is actively seeking a site in Central London. 

Stein’s group is one of the largest private sector employers in Cornwall, with a headcount of roughly 640 full-time employees.  

While this year started slow due to a late Easter, Steins Trading has revealed that summer is performing well thanks to its ‘Summer of Shellfish’ campaign driving footfall.  

Ian Fitzgerald, managing director of Steins Trading Ltd, said: “Whilst the hospitality industry continued to face its fair share of challenges during 2023, we enjoyed a successful summer season and improved results in a number of our restaurants. 

“There are now positive signs of economic recovery with inflation down to 2% and the first reduction in base rate for 22 months recently announced.” 

He added: “Having reorganised our finances and driven efficiencies throughout the business we are now exploring expansion opportunities.”

Charlie Stein, shareholder executive director, said: ”Our focus in the next few months is on maximising the opportunities to celebrate the 50th year anniversary of the business in 2025.

“It is also the perfect time to evolve our restaurant concepts to appeal to a wider audience and we are actively looking to open our first site in Central London.”