Scott’s, the owner of the upscale London restaurant, and Sexy Fish have returned to profit for the very first time since the pandemic.
Caprice Holdings saw its sales rebound by 70 percent to £74.4 millions in the 52-week period ending January 1, this year. This was due to the lifting of restrictions for hospitality businesses.
Richard Caring is the owner of Caprice Holdings. He is also responsible for The Ivy Collection and Annabel’s & Bill’s. The group made a profit before tax of £1.2m last year. This is an improvement over the loss of £3.9m the year prior, but it’s still a lot lower than the £19.1m reported before the pandemic. The opening of Scott’s Richmond, and Bacchanalia restaurants helped boost revenue last year.
The wage bill increased to 35,7% of sales from 33,7% the previous year, but its gross margin decreased slightly from 78.7% to 77.7%.
The hospitality industry has been struggling with rising costs of labour, food and energy.
Caring stated: “We’re thrilled with the results. All our teams have done an amazing job. “We believe that our customers deserve the best service, food, and wine.”
Caring, 75 years old, made his fortune in the rag business and launched himself onto the London restaurant scene when he purchased Caprice Holdings in 2005. Troia UK Restaurants (parent company of Ivy Collection, Bill’s and Bill’s) owned by British billionaire Caring also reported an increase in sales for the last 12 months. The turnover was £303 million compared to PS200 million a year earlier. The pre-tax profit was higher, at £29million, as compared to £20.4million.
The company stated that it was fortunate to have a fixed price contract for its gas and electric, which has limited the “large-scale” price increases experienced elsewhere in the industry.
Caprice Holdings, a subsidiary company of Caring’s Continental Partners International, is incorporated on the British Virgin Islands.
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