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Thu 4th Aug 2022 - Results: Gordon Ramsay, CenterParcs, Hydes, Redcat buys Jamaica Inn
Gordon Ramsay reports increased losses during second year of pandemic: Gordon Ramsay Restaurants has reported increased losses in the year to 31 August 2021. The company opened ten restaurants in the year – taking the total estate to 35 UK-based sites and 13 run under licence in various locations around the world. It reported turnover of £26.2m (2020: £34.5m) and a loss for the year after tax and minority interests of £6,470,000 (2020: loss of £5,187,000). Adjusted Ebitda was minus £1.1m (320230: minus £1m). The company stated: “In the Super-Premium category Restaurant Gordon Ramsay, Petrus, Savoy Grill and Lucky Cat all traded profitably following the easing of covid-19 restrictions and a second restaurant at Savoy Hotel, the River Restaurant, opened in October 2021. The inaugural Gordon Ramsay Academy opened in Woking, Surrey in September 2021. The directors view this as scalable both in the UK and internationally. In December 2020, Gordon Ramsay Burger opened in the Harrods under a licence agreement. Internationally new licensed restaurants will be opening in Saudi Arabia, Doha, Kuala Lumpar, and Macau. The new Street Burger and Street Pizza concepts have been shown to be scalable and will be forming a significant part of the international franchising business.” A new bank deal with Barclays was agreed in May which provides a three-year £10m term loan, with quarterly repayment instalments of £357,142 starting on 30 November 2022. There is also a three-year £15m facility, replacing existing facilities, available for 18 months from May 2022 and repayment instalments will start two years after the date of the agreement or if earlier six months after al the facility is drawn. Turnover in the UK was £25,008,000 (20320: £32,886,000) and £1,227,000 (2020: £1,626,000) in the rest of the world. Government grants were worth £3,801,000 (2020: £3,215,000). It received a covid related rent concession of £1,653,061 (2020: £490,947).

CenterParcs reports revenue of £503.4m despite self-imposed occupancy limits: CenterParcs has reported sales of £503.4m in the year ended 21 April 2022 (2021: £122.2m) despite a self-impose occupancy cap – it operated at 80.4% capacity compared to 22.4% the year before. It made a profit after tax of £22.3m (2021: loss of £122.22m.) Adjusted Ebitda was £245.6m (2021: loss of £11.9m). The average price achieved per lodge night was £256.09 compared to £238.70 the year before. Best performing sites in revenue terms, in descending order, were: Sherwood (£108m), Elveden Forest (103.4m), Whinfell Forest (£99.1m), Woburn (96.5m) and Longleat (96.4m). The split of revenue by business stream was £325.4m for accommodation (2021: £84.3m) and £178m for on-site spend (2021: £37.9m). The company received £200,000 of job retention scheme support compared to £37.7m the year before.

Hydes reports return to circa £2m pre-tax profit: North west brewer and retailer Hydes has reported a pre-tax profit of £1,910,066 in the year to 3 April 2022 (2021: loss of £3,614,644) of turnover of £28,338,184 (20212: £8,547,079). Non-executive chairman Richard Lancaster said: “Sales were again significantly impacted by covid-19 restrictions. Lockdown, outdoor only trading and Omnicron fears, around the critical Christmas trading period, all took their toll. In addition, recruitment challenges and supply chain shortages led to some of the most difficult trading environments our industry has ever had to endure. So to have arrived at our financial year end with lower debt levels than 12 months prior and recording profits higher than the year immediately before the pandemic is very pleasing.” He said inflation was now a major challenge but in “many areas, and in particular on energy costs, we have the foresight to offset some of the business-related cost pressures through longer term contracts”. He added: “Our energy pricing is fixed until 2024 and will help Hydes continue to provide our customer with great value and quality in our pubs in the months ahead.” The company, which has 33 managed pubs and 14 tenanted sites, received £1.2m in grants and job protection money (2021: £5.1m). The company received a £3m CBILs loan, of which £2.9m was outstanding at the year end. In June, the company entered. New revolving credit facility of £16m due for repayment in June 2025.

RedCat acquires Jamaica Inn in Cornwall off £8m guide price: RedCat Pub Company, the investment vehicle from ex-Greene King chief executive Rooney Anand, has added the internationally renowned Jamaica Inn in Cornwall, to its The Coaching Inn Group business, in deal off a guide price of £8m. This iconic 18th Century 36-bedroom coaching inn was immortalised in Daphne du Maurier’s best-selling novel Jamaica Inn. Over the last eight years the business has received substantial investment and evolved into a thriving business with multiple revenue streams, which generated a £4m turnover in its most recent financial year. This is the 12th acquisition by The Coaching Inn Group under RedCat ownership and brings the number of pub hotels owned by The Coaching Inn Group to 30. Knight Frank acted on the deal. Last month, RedCat continued the expansion of The Coaching Inn Group, with a deal for the historic Forest Park Country Hotel and Inn in Brockenhurst, in the New Forest in Hampshire. It is the latest in a string of acquisitions in top tourist destinations for the business, following those on the north Norfolk coast and in the Brecon Beacons national park. RedCat has grown strongly since inception in February 2021, having acquired more than 100 pubs and pub hotels, now amounting to a hotel room estate of in excess of 1,200 rooms. The Coaching Inn Group, acquired by RedCat last August, operates historic coaching inns in market towns across the UK.

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