Rick Stein to continue growing business beyond Cornwall as company announces £26m turnover
Turnover across the expanding Rick Stein empire increased by 29% year-on-year to £26.1m during 2016, according to the amalgamated accounts of Stein's Trading and Seafood Trading.
EBITDA was up by 27% to £2.93m , with the EBITDA margin improving from 9.2% to 11.2%.
The board of the two companies announced that it intended to continue "to open further restaurants and fish and chip shops outside of the Cornwall catchment area, whilst at the same time consolidating and developing our strong Cornwall business".
Launched 42 years ago in Padstow, Cornwall, the Rick Stein business today comprises 12 restaurants, 40 hotel rooms, four retail outlets, a cooking school and an internal production unit. It is run by Rick Stein and his former wife Jill Stein, supported by their three sons, Ed, Jack and Charlie, and a team led by managing director Ian Fitzgerald.
Last year saw the business grow with the launch of a new gin and Champagne bar called Ruby's and seafood bar at Stein's Fisheries, both in Padstow, alongside the acquisition outside the town of a 20,000 square foot warehouse in St Columb and a 6,800 sq ft head office at St Eval.
Meanwhile, beyond Cornwall, the company expanded with new restaurants opening in Marlborough, Wiltshire, in late 2016 and in Barnes, south-west London earlier this year which, said the board, are both proving "very popular with customers".
During the first half of 2017 sales have increased more than 20% over the same period last year, alongside achieving "a strong EBITDA performance".
"We will continue to grow the business in a consistent way that underpins our values and places the customer experience at the heart of what we do", the board continued. "This can only be achieved with the help of our magnificent staff to whom we all owe heartfelt thanks for making this business so special."
Rick and Jill Stein were the winners of the Catey Special Award in 2016 (pictured).
How self-taught designer Jill Stein stamped her style on Stein restaurants >>
Rick Stein to open first London restaurant >>
The Steins on 40 years of the Seafood Restaurant >>
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