Challenging year' leads to erosion of Rick Stein's profit margin

In its latest accounts for the three months to 1 January 2023, the group recorded an increase in revenues to £12.5m from £11.7m a year earlier

Rick Stein's hospitality empire was in danger of slipping into bankruptcy in 2022 as visitor numbers in Cornwall plummeted and costs spiralled.

The Cornwall-based company has a portfolio of restaurants and cafes including its flagship The Seafood restaurant.

"a challenging year for hospitality" - Rick Stein

He said it had been a "challenging year for hospitality at Seafood Restaurant (Padstow) Limited, which is comprised of restaurants, hotels, retail stores, cookery schools and the Stein family's online shop."

In Padstow opened by Rick and Jill Stein in 1975.

Principal Ian Fitzgerald wrote in his report that the year had begun good, with the Omicron-based version of the coronavirus adversely affecting its trade and even though the beginning of the war in the Ukraine

had a "significant impact" on the business.

Fitzgerald added that economic outlook for the year ahead seemed more stable, while noting that the ability to maximize its revenue from a decreased customer base will remain a significant challenge for the

future business.

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