The successful launch of a meal kit delivery business helped Rick Stein’s hospitality group achieve a profit of nearly £1m in the first year of the pandemic.
The Seafood Restaurant Limited (Stein’s business named after the iconic restaurant) which includes a coffee shop, deli, fishmongers and cookery school as well as 10 restaurants, posted a pre-tax profit of £999,000 in the period to 3rd January 2021. This compared to £513,000 the previous year, while turnover stood at £14.9m (2019: £17.5m).
The major e-commerce arm was set up after its restaurants were forced to close in 2020 and now includes an online fishmongers, giftware and meal kits for direct delivery to customers.
The Stein’s at Home Food Boxes go from a Weekend Breakfast Box at £35 to Indonesian Curry Menu at £58 and The Veuve Clicquot Celebration Box at £149 which comprises grilled scallops, lobster thermidor and chocolate pavé for two with a bottle of champagne.
The company said: “The directors’ response to the impact of covid-19 included restructuring the group by exiting under-performing sites, postponing all non-essential spending and reducing headcount in line with lower revenue expectations; and launching a significant e-commerce offering of direct to customer dinner boxes, an online fishmongers and giftware. The group continues to seek opportunities to grow its e-commerce business and maximise the profitability of the core business. In this context, the 2021 financial year has so far seen the reopening of restaurants and demand for good food and ‘staycations’ has so far seen a rebound in the hospitality industry.”
Stein’s group closed its restaurant in Porthleven, Cornwall. One of the county’s largest private-sector employers, the number of employees dropped from 386 in 2019 to 367 in 2020. Its Marlborough site was saved from closure after agreeing to a rent reduction with the landlord.
