Gordon Ramsay Group secures £13m banking facility to fund expansion
The Gordon Ramsay Group has announced a £13m five-year banking facility with Barclays in order to continue its expansion.
The news came as the group reported an increase in EBITDA of 39.2% to £5.7m from its 31 restaurants for the year to 31 August 2015.
In the period the group opened Heddon Street Kitchen and two Maze Grills in London, Maze Grill Park Walk and Maze Grill Royal Hospital Road, which helped increase turnover by 12% to £50.3m compared with the previous 12 months.
Sales at Ramsay's 14 UK restaurants were up 12% at £46.8m in the period, with like-for-like restaurant sales up 4.2%.
Managing director Stuart Gillies (pictured) said: "We are particularly encouraged by the performance of Heddon Street Kitchen, which opened in November 2014, together with our two new Maze Grills that opened in the spring. These brands provide strong growth opportunities in both the UK and internationally.
"Bread Street Kitchen in Hong Kong and Singapore have both opened successfully and are trading above expectations; the next opening will be in Dubai in October 2015.
"Barclays' commitment to us through the new banking facilities that have been put in place, will further strengthen the group going forward."
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