The UK company that runs celebrity chef Salt Bae’s exclusive London steakhouse, Nusr-Et, has shocked the finance world by reporting a massive £5.4 million loss before tax for the last financial year, despite its famous gold-covered steaks and eye-watering prices.
The loss, which comes despite a rise in the restaurant’s overall revenue, is largely due to problems with the company’s businesses in the United States.
The main reason was a massive £6.6 million “impairment charge” (a financial write-down) related to its US operations. Essentially, the value of the US business, which is fully owned by the UK company, dropped significantly.
The loss follows several US closures. Salt Bae, whose real name is Nusret Gökçe, has closed several locations, including two major restaurants in Boston and New York’s Meatpacking District in the period covered by the account.
Other recent closures include sites in Beverly Hills, Dallas, and Las Vegas, as the company shifts its focus.
Despite the overall loss, the Knightsbridge restaurant itself saw its turnover rise slightly to just over £10 million from £9.3 million the year before.
The restaurant remains infamous for its high costs, with a Giant Tomahawk steak costing around £630 and the Golden Giant Tomahawk steak previously selling for up to £1,450.
However, the company remains confident about the London branch, with the directors stating:
“The company continued to perform in line with the expectations in 2024 and the directors believe that the company will be able to continue to trade for the foreseeable future based on the operating profits generated during the year.”
A spokesperson for the Nusr-Et restaurant group had previously commented on the US changes, saying: “They tried some markets out. Some worked while others haven’t.”