10th September 2024
Nusr-Et London, the Knightsbridge restaurant by Turkish restaurateur Nusret Gökçe – also known as Salt Bae – saw its turnover drop 31% to £180,000 a week in the year to December 2023 from £262,000 a week in 2022. The venue had a turnover of £8,226,410 – £633,000 a week – with a pre-tax profit of £2,308,245 in its first 13 weeks of trading from September 2021.
Turnover for the year was down from over £13,643,000 in 2022 to under £9,334,000. Its pre-tax profit decreased from c£3,323,0-00 2022 to less than £1,686,000 Ebitda dropped from £3,951,500 in 2022 to £2,210,440, with Ebitda as percentage of revenue down from 29% to 23.7%.
Costs were reduced from £6,340,381 to £4,593,104 and admin expenses were down from £4,226,953 to £3,414,842.
The company had net assets of almost £8,140,000 at the end of December 2023 (2022: £6,880,928).
The company said that since the restaurant started to operate in London in September 2021, it has “built a strong network and gained awareness through its subsidiaries based in the US and generated operating profit in each year operated,” adding, “It has gained customer attention since opening”.
Reports at the time of its launch said that a giant Tomahawk steak would set you back £630, while a golden burger cost £100.
Gökçe operates several restaurants in Turkey as well as Dubai, Abu Dhabi, Qatar, Miami and New York.
He was dubbed Salt Bae after he sprinkled salt on a steak in a video that has gained millions of views on social media.
The Daily Mail has questioned whether Gökçe’s restaurant empire was beginning to crumble, with his London site “continuing to face a deluge of bad reviews and one of his New York branches set to shut”.