By Laura McGuire
The business behind leading Argentinian Steak Restaurant Gaucho has posted “record-breaking” earnings for the year as the group shrugged off inflationary pressures and strike action that disrupted business during the year.
Rare Restaurants, which also owns the M and Crane Tap restaurants, posted turnover of £73.5m for the year, up 38 per cent from 2022, as the group was bolstered by the opening of new locations in Glasgow and London.
Moreover, the business said like-for-like sales were up despite the “significant impact” of industrial action over the critical Christmas trading period.
Looking ahead, Rare Restaurants is set to open a new Gaucho in both Newcastle and Covent Garden this year – the first to open in London in over a decade.
A third restaurant is also set to open in Cardiff over the coming months, bringing the Gaucho portfolio to 20 restaurants.
“We are incredibly proud of our 2022 results, with our restaurants performing well ahead of expectations,” Martin Williams, chief executive of Rare Restaurant, said.
“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.”
He added: “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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