Overview
Celebrity chef Rick Stein's seafood restaurants suffered significant losses of over £1.2 million last year. Stein, who owns ten outlets, attributes the decline to the lingering effects of Covid, a decrease in visitors to Cornwall, and rising fish and energy costs.
The Numbers
Despite experiencing a higher turnover compared to the previous year, Stein's company, Stein's Trading, reported a loss. Accounts also reveal that the top-paid director of the firm received a salary of £180,000.
Padstow and Condiment Charges
Padstow, a popular holiday destination, is often referred to as "Padstein" due to the numerous businesses owned by Rick Stein in the area. In an effort to offset losses, Stein recently implemented a £2 charge for condiments like mayonnaise and tartare sauce at his Padstow locations. The menu also features fish and chips priced at £16.95.
Company Performance
The Seafood Restaurant (Padstow), Stein's umbrella company, which encompasses restaurants, hotels, online and high street shops, as well as a cookery school, reported losses of £347,000 for the year, compared to a £3.8 million profit in 2022. However, the company still retains £14.5 million in its coffers, according to the document published by Companies House.
Near Collapse
In 2021, Stein revealed that his business was on the brink of collapse. He described the experience as "very scary" and admitted they came close to losing everything.
Conclusion
The lasting effects of Covid, a decrease in tourism, and rising costs have taken a toll on Rick Stein's seafood restaurants, resulting in significant losses. However, the chef remains optimistic as his company maintains a substantial amount of funds.
Did you miss our previous article...
https://thecelebreport.com/television/goggleboxs-izzi-warner-stuns-with-glamorous-transformation
