Rare Restaurants announces record-breaking sales

Rare Restaurants, a subsidiary of Lomo Topco Limited, owns and operates a 23-strong restaurant group comprising the Gaucho, M and Crane Tap brands in the UK. Led by Martin Williams, the group has announced its financial results for the year ending 1 January 2023, with turnover up 29% from 2019.

The company enjoyed record-breaking results despite the Covid-19 work-from-home guidance implemented in January and February 2022, and the significant impact of industrial action over the critical Christmas trading period.

Group turnover for the period in question was £73.5m, up 38% from 2022 and 29% from 2019. Company EBITDA (before pre-opening costs) was £9.7m, 13.2% of the group's total revenue. Like-for-like (LFL) sales were also up over 30% on 2021 (53 weeks to 2 January 2022).

Strong trading continued post-year-end, with first quarter LFL sales above Q1 last year. The group successfully launched new venues in Glasgow (March 2022) and Liverpool (November 2022), further boosting trade. Not only this, but a new M restaurant opened in Canary Wharf (August 2022) to critical acclaim, scooping 'Best New Opening' at the R200 Awards. 

In terms of sustainability, steaks featured on menus across the group's estate have achieved carbon-neutral status, with over 30,000 trees planted in countries worldwide as part of reforestation community projects that support vulnerable individuals at risk of falling victim to modern slavery.​

The company recently opened a Gaucho branch in Newcastle, with a Covent Garden venue slated to launch next month – the group's first opening in the city in over a decade. A third launch will take place in Cardiff in the coming months, bringing the Gaucho portfolio to 20 sites nationwide. 

"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," says Williams.

"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."


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