Rick Stein plots expansion as restaurant profits rise

Rick Stein's culinary empire, the Stein Group, has reported a notable reduction in operating losses, narrowing to £250,000 from a staggering £1.5 million in the previous year. This improvement comes as the company navigates the challenges of the hospitality sector while maintaining its status as one of Cornwall's largest private employers, with a workforce of 650. In a positive turn, Stein’s Trading, which oversees five restaurants across Cornwall and the south of England, has achieved an operating profit of £63,000 for the year ending December 2023. This marks a remarkable turnaround, reflecting a 106 percent increase compared to a £1 million loss reported the prior year. Despite this financial progress, the division experienced a 5 percent decline in turnover, totaling just under £12 million. The Stein Group's resilience is evident as it seeks to expand its restaurant portfolio. The company is actively searching for a new restaurant site in central locations, indicating a strategic move to enhance its market presence and attract a broader customer base. As the hospitality industry continues to recover, Rick Stein's commitment to growth and adaptation positions the Stein Group for potential future success, even as it grapples with the ongoing challenges of the economic landscape. The focus on expansion and profitability reflects a proactive approach to sustaining its operations and supporting its substantial workforce in Cornwall.