Rick Stein hungry for more as profits rise

Rick Stein has seen operating losses at his Stein Group restaurant, cookery school and meal kits business narrow sharply to £250,000 compared with a near £1.5 million loss previously.
The Stein Group is one of the largest private sector employers in Cornwall, with a 650-strong workforce.
Stein’s Trading, which operates five restaurants in Cornwall and the south of England along with accommodation and retail operations, reported an operating profit of £63,000 in the 12 months to the end of December 2023, up 106 per cent against a £1 million loss in the previous year, the company said. Turnover dropped 5 per cent to just under £12 million.
The division is now looking to expand its restaurant portfolio and is seeking a restaurant site in central London.
Its sister operation, The Seafood Restaurant in Padstow, did not fare as well but posted an increase in operating profit of 32 per cent for the same period, though the company did not release more detailed figures for the business.
It said its “Summer of Shellfish” campaign had driven footfall, while outsourcing operations of Stein’s at Home meal kits, set up during the pandemic, to the home delivery brand, Dishpatch, in 2023, increased profit margins.
Stein, the founder, told The Times in February that the business reported losses in 2022 because it had been “clobbered” by the price of fish and gas prices.
Ian Fitzgerald, managing director of Stein’s Trading, said the restaurants weathered a challenging environment in 2023 to see an improvement. He added that with economic recovery seeming likely, the business was exploring expansion opportunities.
“The season started slow due to the late Easter, however, summer is performing well,” the company said on Monday.
Charlie Stein, Rick Stein’s son and an executive director, said that the company was planning celebrations for the restaurant in Padstow’s 50th anniversary next year.
“It is also the perfect time to evolve our restaurant concepts to appeal to a wider audience and we are actively looking to open our first site in central London,” he said. The company already has a restaurant in Barnes, southwest London.