Celebrity chef Rick Stein has confirmed the permanent closure of two key establishments in his culinary empire as his restaurant group faces significant financial challenges.
The renowned chef's company has shuttered St Petroc's Bistro and Rick Stein's Coffee Shop, both located in the picturesque fishing village of Padstow, Cornwall - the very heart of his restaurant kingdom.
Financial Strain Hits Stein's Empire
Newly filed accounts reveal the sobering reality behind the celebrity chef's brand. Rick Stein's Limited reported a staggering loss of £267,000 for the year ending March 2023, while The Seafood Restaurant Limited, another key company in his portfolio, saw profits plummet by 80% to just £65,000.
The financial documents paint a concerning picture of a hospitality empire under pressure, with the companies citing "challenging market conditions" affecting their performance.
Padstow's Changing Culinary Landscape
The closure of St Petroc's Bistro marks the end of an era for the 11-bedroom hotel establishment that had been a fixture in Padstow for years. Meanwhile, the coffee shop's shutdown leaves another void in the coastal town that has become synonymous with the Stein brand.
Local residents and visitors have expressed disappointment at the closures, with many taking to social media to share memories of dining at the affected venues.
Staff Impact and Future Plans
While the exact number of job losses remains unclear, the company has stated it is working to redeploy affected staff where possible within their remaining operations.
The Stein empire continues to operate several other establishments in Padstow, including the flagship Seafood Restaurant, Stein's Fish & Chips, and St Petroc's Hotel, though the bistro component has now permanently closed its doors.
Industry analysts suggest the closures reflect broader challenges facing the UK hospitality sector, including rising costs and changing consumer spending habits in the post-pandemic era.
