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Mon 7th Jan 2013 - Breaking News
Wolseley operator Rex Restaurant Associates reports losses as it geared up for expansion: Rex Restaurant Associates, which operates the Wolseley on Piccadilly and The Delaunay on Aldwych and is led by Chris Corbin and Jeremy King, has reported turnover grew by 21 per cent to £13,913,750 in the year to 31 March 2012 – a month before Graphite Capital made a £21m investment in the business. The company made a profit of £2,992,129 before tax in 2011 but posted a loss of £3,763,689 in the most recent year as it incurred opening costs at The Delaunay, refinanced and geared up for expansion. Turnover at The Wolseley rose 0.3 per cent to £11,544,602 in the year while The Delaunay Restaurant and Counter achieved turnover of £2,369,149 in its first four months of trading. Of the Wolseley, the company stated: “The growth was encouraging given the prevailing difficult economic conditions experienced throughout the UK in the year. The continuing popularity of the Wolseley as a destination restaurant ensured that it retained a resilience to overall market conditions despite underlying reductions in business and consumer discretionary spending levels.” In relation to the Delaunay, the company stated: “The restaurant has received very high critical acclaim and sales have continued to grow since the end of the financial year.” Group operating losses were £767,317, reflecting early months’ trading at the Delaunay and investment in head office infrastructure to support a significant increase in activity at the group – it opened Brasserie Zedel, off Piccadilly Circus, in June and Colbert, in Sloane Square, in October. The losses were added to by exceptional costs of £2,833,039 in relation to pre-opening costs of the Delaunay and refinancing costs. Rex Associates plans to open a five star boutique hotel, The Beaumont, on Balderton Street, in Mayfair in early 2014.
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