The Stein Group, founded and co-owned by Rick Stein, has announced plans to expand to central London after making its way back into profit last year.
Stein’s has reportedly begun the search for a central London site for its thirteenth restaurant. It currently operates twelve eateries across the south of the country, with one already running in Barnes on the outskirts of London.
After a tough time during the pandemic – Stein told The Times the company had been “clobbered” by gas prices in 2022 – the group returned to safer waters in 2023 as costs began to stabilise and consumer confidence started to improve.
Operating losses at across The Stein Group, including twelve restaurants, a cookery school in Padstow and a meal kits business, narrowed sharply to £250,000 compared with a near £1.5 million loss in 2022.
Operating profit in the company, which is the largest private employer in Cornwall with 650 employees, improved by 106 per cent year on year to reach £63,000 after a loss of more than a million in 2022, while turnover dropped by five per cent to just under £12m.
The group said that sales of its meal delivery kits Dishpatch, which was set up during the pandemic, helped to drive growth.
Dishpatch was taken over by Waitrose in June this year. The delivery service will continue to operate under the Dishpatch brand with Peter Butler at the helm.
“Whilst the hospitality industry continued to face its fair share of challenges during 2023, we enjoyed a successful summer season and improved results in a number of our restaurants,” Stein’s managing director Ian Fitzgerald said.
“There are now positive signs of economic recovery, with inflation down to two per cent and the first reduction in base rate for 22 months recently announced. Having reorganised our finances and driven efficiencies throughout the business we are now exploring expansion opportunities,” he added.
Shareholder executive director Charlie Stein said: “Our focus in the next few months is on maximising the opportunities to celebrate the 50th year anniversary of the business in 2025.
“It is also the perfect time to evolve our restaurant concepts to appeal to a wider audience and we are actively looking to open our first site in Central London.”