The parent company of Heston Blumenthal's Fat Duck restaurant in Bray has reported a pre-tax loss of £1.4 million due to “tough economic headwinds”.
In documents submitted to Companies House for the year ending 28th May 2023, SL6 Ltd, the company behind the three Michelin-starred Fat Duck and the Michelin-starred Hinds Head pub in Bray, reported a slight decrease in turnover from £11.5 million in 2022 to £9.5 million in 2023.
SL6 Ltd had incurred a pre-tax loss for two consecutive years, amounting to £1 million between 1st June 2020 and 30th May 2021, and £500,000 the year prior. However, the company turned around its financial performance in 2022, reporting a pre-tax profit of £2.4 million.
The group disclosed that it was significantly affected by supply chain inflation, difficulties in recruitment, and reduced consumer spending due to the cost of living crisis.
SL6 Ltd stated that during this period, it absorbed most of the inflationary pressures instead of passing them on to customers, aiming to maintain profitability.
Staff costs rose from £2.9 million in 2022 to £3.4 million, corresponding with an increase in the average monthly number of total employees from 104 to 118 during the period.
Ronald Lowenthal, director of SL6 Ltd, who has been invested in the group since 2007, expressed confidence that the business is 'well placed' to strengthen its presence as it navigates through 'legacy headwinds' and a 'very challenging economic and trading environment”.
