Rick Stein’s restaurant empire dished up deeper losses in 2024 as revenues declined and staff numbers were reduced, new figures have disclosed.
Across three separate companies, each business reported reduced turnover and expanding pre-tax losses for 2024 when compared with 2023, as reported by City AM.
The Stein Group encompasses twelve restaurants, a culinary school in Padstow and a meal kit operation.
In August 2024, the group unveiled plans to expand into central London.
Fresh accounts lodged with Companies House show The Seafood Restaurant (Padstow) generated turnover of £18.8m for 2024, falling from £20.2m.
Its pre-tax deficit also expanded from £204,000 to £459,000 during the period.
Seafood Trading experienced the identical turnover drop from £20.2m to £18.8m whilst its pre-tax deficit grew from £892,000 to £1.1m.
Stein’s Trading’s turnover slipped from £11.8m to £11.4m and its pre-tax deficit expanded from £163,000 to £290,000.
Rick Stein group laments minimum wage rise
A statement endorsed by the board declared: “2024 continued to feel the prolonged effect of the national cost-of-living crisis, with high inflation levels persisting into the year and consumer confidence diminishing.
“The cost of goods price pressure were partly mitigated through selling price adjusting, menu engineering and effective purchasing practices.
“The sizeable 9.8 per cent increase in national minimum wage put additional strain on profitability with a small recovery recognised through effective labour management.
“The Easter trade in 2024 reported a significant reduction in guest numbers, resulting in a sizeable impact to profitability for a single trading period.
“Beyond June 2024, the group reported a year on year improvement [in] EBITDA [Earnings Before Interest, Taxes, Depreciation and Amortisation].”
In 2024, both The Seafood Restaurant (Padstow) and Seafood Trading saw a decrease in their workforce from 398 to 355.
The latest accounts also reveal that the number of employees at Stein Trading dropped from 252 to 217.
