Gordon Ramsay’s UK restaurants top £100m in sales but report operating loss

Gordon Ramsay’s UK restaurant business reported £100.7m in sales for the 52 weeks ended 28 December 2025, crossing £100m for the first time while recording a £5.8m operating loss. The figures, reported on 2 October by Restaurant Online and The Caterer, show that higher sales at a business with 34 UK outlets have yet to produce an operating profit.

Turnover rose 3% from £97.8m in the previous financial year, according to Restaurant Online. The company’s UK EBITDA — earnings before interest, tax, depreciation and amortisation — rose to £8.5m from £8.2m. That positive measure sits alongside the operating loss because it excludes costs included in the operating result; it should not be read as a statutory profit.

What drove Gordon Ramsay Restaurants’ UK sales

The group attributed part of its UK growth to its restaurants at 22 Bishopsgate in the City of London. Restaurant Online said the venues launched in 2025 and include Lucky Cat and Restaurant Gordon Ramsay HIGH. Chief executive Andy Wenlock called the tower the group’s ‘star performer’, with five restaurant experiences in one building. The reports do not quantify how much of the turnover increase came from that site.

The UK estate extends beyond Bishopsgate. The Guardian reported that its 34 outlets include the Savoy Grill, Pétrus and several Lucky Cat restaurants. The £100.7m turnover figure covers the UK operating business, rather than every restaurant using Ramsay’s name worldwide. That distinction matters when comparing its result with the much larger global group.

Why positive EBITDA did not mean an operating profit

Restaurant Online reported UK EBITDA of £8.5m, up 4% from £8.2m, and the same business’s £5.8m operating loss. EBITDA strips out depreciation and amortisation, among other items, before the operating result is calculated. The two numbers therefore measure different things. The available reports do not provide a full reconciliation of the figures or establish which costs account for the gap.

The Guardian likewise reported that the UK business remained in the red despite sales passing £100m. Its report described a £5.8m loss for 2025. City A.M. identified that figure as an operating loss and reported that it had narrowed from £7.3m. The 2025 operating result remains negative even as turnover and EBITDA increased.

The reported numbers leave a clear limit on what can be concluded about individual restaurants. Wenlock singled out Bishopsgate, but the coverage does not break out revenue or profit for its five experiences. It also does not put a figure on the contribution from Lucky Cat or any other UK venue. The company’s explanation of stronger trading is therefore best read as its assessment of performance, rather than a measured allocation of the sales increase.

How the UK result fits the global group

The wider Gordon Ramsay Restaurants Global business reported £151.8m in revenue and £14.4m in EBITDA, according to The Caterer. Restaurant Online said global EBITDA was 12% higher than a year earlier. Those figures cover a broader operation than the UK business and do not cancel out the UK operating loss. The Guardian also reported that the global group paid no dividend to shareholders.

The Caterer reported that the group completed a merger of its North American and UK restaurant operations in 2025 in partnership with Lion Capital. Restaurant Online said international expansion included owned venues and licensing partnerships, with openings in Vancouver, Ibiza, the Middle East and Asia. That mix of businesses and arrangements is another reason to keep the global revenue figure separate from UK turnover.

According to The Caterer, new UK openings created 125 jobs and led to 270 promotions across restaurant and support-office roles. These are company-reported figures carried by the trade publication. They give a sense of the scale of the expansion behind the results, although the available reporting does not assign a separate financial return to those jobs or openings.

What the company says comes next

Wenlock told The Guardian that the group entered 2026 with ‘strong momentum and clear priorities’. He named improving profitability, disciplined investment in restaurants it owns and faster international growth through experienced partners. Restaurant Online said licensing, franchise and management arrangements were expected to play a larger role in that growth.

The Caterer reported 7% total group sales growth in the first half of 2026 and said the business was pursuing more owned restaurants and licensing partnerships, particularly in the US. That update concerns the global group, not a new UK operating-profit figure. For the UK business, the central question after its first £100m sales year is whether further trading gains will translate into an operating profit; the published reports do not establish when that might happen.