Rick Stein Restaurants may close Marlborough site
Rick Stein Restaurants is reviewing the future of its Marlborough site after reporting a 5.4% fall in group revenue for 2024.
Marlborough history and challenges
The Marlborough restaurant, set in the 18th-century Grade II-listed Lloran House, has long served Cornish fish and shellfish in Wiltshire. The 84-cover site first opened in 2016 but has faced previous financial pressures.
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In 2020, the venue came close to shutting its doors, only to be saved when its landlord and agent agreed to waive rental arrears and reduce rent by nearly 25%. Despite this reprieve, performance has continued to lag behind other restaurants in the group.
A spokesperson for the group said: “We can confirm that we are proposing the closure of our Marlborough restaurant and are consulting with the team to explore whether this can be avoided. Our other restaurants and rooms continue to trade well, but this particular site has not delivered the same level of return.”
Group performance
Rick Stein
Restaurants, which trades under The Seafood Restaurant (Padstow) Limited and Steins Trading group of companies, reported revenue of £30.4m in the year to Tuesday, December 31st, 2024. While summer trading remained strong, the full-year figures reflected a decline.
Accommodation performed better, with occupancy rising by 1.4% and average daily rate across the group’s rooms increasing by 4.5%.
The company said that interest and bookings had been boosted by its 50th anniversary celebrations in 2024. Looking ahead, the business is exploring new markets both in the UK and overseas, with licensing agreements under consideration following the success of its Australian ventures.
The wider business
The Stein family business, established more than 45 years ago by Rick and Jill Stein, remains a cornerstone of the UK dining scene. The portfolio includes the original Seafood Restaurant in Padstow, five further outlets in Cornwall, and additional restaurants in Barnes and Winchester.
Together, the group employs around 600 people.
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Rick Stein Restaurants may close Marlborough site
