Gordon Ramsay Group boosted by £13m banking facility

BURBANK, CA - FEBRUARY 05:  Chef Gordon Ramsay attends FOX's "Masterchef" as it celebrates 100 Episodes at Walt Disney Studio Lot on February 5, 2015 in Burbank, California.  (Photo by David Buchan/Getty Images)

Gordon Ramsay Group has reported strong sales growth for the year-ending 31 August 2015 – and revealed it has struck a multimillion pound banking agreement with Barclays.

A £13m five-year banking facility has been completed with Barclays that will provide the Group with a strong financial platform to continue to drive the business forward and aid further expansion.

The group saw total sales increased 12.6% to £50.3m while sales in UK Restaurants increased by 12.0% to £46.8m with like for like restaurant sales increasing by 4.2%.

International income increased by 24.4% to £2.8m while earnings before interest, taxes, depreciation, and amortization (EBITDA) for the Group increased by 39.2% to £5.7m.

Commenting on the results, managing director Stuart Gillies said: ‘’We are very pleased with the growth in sales and EBITDA over the past year.

“We are particularly encouraged by the performance of Heddon Street Kitchen, which opened in November 2014 together with our two new Maze Grills that opened in the Spring.

“These brands provide strong growth opportunities in both the UK and internationally. Bread Street Kitchen in Hong Kong and Singapore have both opened successfully and are trading above expectations, the next opening will be in Dubai in October 2015.

“Barclays’ commitment to us through the new banking facilities which have been put in place, will further strengthen the Group going forward.”

Authors

HAVE YOUR SAY...

*

Related posts

Top