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Corbin & King's restaurants 'remained strong in a competitive environment' in 2018

26 November 2019 by
Corbin & King's restaurants 'remained strong in a competitive environment' in 2018

Corbin & King's restaurants "remained strong in a competitive environment" in 2018, as turnover exceeded £40m.

Accounts lodged with Companies House cover the nine months from March to December 2018. The period has been shortened to align the group, which includes the Wolseley, Colbert and Fischer's, with parent company Minor Hotels, which acquired the majority stake in December 2017.

Turnover reached £44.1m, compared to £16.3m in the earlier period off a like-for-like sales increase of 2.5%. Correspondingly the group, which at the time comprised eight restaurants and the management of the Beaumont Hotel in Mayfair, recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of £7.5m, compared to £1.3m the previous year.

Corbin & King recorded an operating loss before tax of £1.9m, compared to £689,000 the year before. It had seen exceptional costs of £5.1m, £3.2m of which were related to the closure of Bellanger in Islington in August this year.

Corbin and King ceased management of the Beaumont hotel in October 2018. During the period it had opened a Café Wolseley in Bicester Village, Oxfordshire.

Since the end of the period the Corbin & King has opened Soutine in St John's Wood and plans to open Manzi's in Soho in 2020, with a Notting Hill restaurant also under development and rumours circulating of the group popping up in the City of London.

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