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Tue 23rd May 2023 - Gaucho owner reports record-breaking turnover of £73.5m, ‘strong’ start to first quarter of 2023
Gaucho owner reports record-breaking turnover of £73.5m, strong start to first quarter of 2023: Rare Restaurants – the 23-strong restaurant group consisting of Gaucho, M and Crane Tap in the UK – has reported record-breaking full-year results and a “strong” start to the first quarter of 2023. The company, led by Martin Williams, reported turnover of £73.5m for the year ending 1 January 2023, up 38% from 2022 and up 29% from 2019. The group said the record-breaking results were despite covid-19 work-from-home guidance in January and February 2022, and the “significant” impact of industrial action over the “critical” Christmas trading period. Group Ebitda (before pre-opening costs) was £9.7m – 13.2% of revenue. Like-for-like sales up were up more than 30% compared with the previous year. The group said strong trading has continued post year-end with first quarter like-for-like sales above 2022’s first quarter. During the full year, the business opened Gaucho restaurants in Glasgow (March 2022) and Liverpool (November 2023). A new Gaucho opened in Newcastle in March 2023 with Covent Garden opening next month – the first to open in London in more than a decade. A third restaurant will open in Cardiff over the coming months, bringing the Gaucho portfolio to 20 restaurants. All steaks have achieved carbon neutral status with more than 30,000 trees planted in countries across the world as part of reforestation community projects supporting individuals at-risk of being victim of modern slavery. Williams 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.” Gaucho features in Propel’s Turnover & Profits Blue Book. Its turnover of £73.5m is the 96th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email to upgrade your subscription

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