Gordon Ramsay is set to close Maze restaurant in Mayfair, London, after his restaurant group reported a $6.8 million loss.

Maze will close in early 2019 after 14 years in business, but will be replaced with a concept restaurant from the group, according to The Guardian.

Kavalake, the holding company for Ramsay’s restaurant group, runs some of London’s most successful venues including Bread Street Kitchen and Savoy Grill.

But the group has experienced turbulent times over the past few years thanks to an ongoing $3 million legal dispute with Rowan Seibel, Ramsay’s former business partner in LA restaurant the Fat Cow, which closed in 2014.

According to The Guardian, the restaurant group has only made a profit in one year since 2012, and reported a decrease of 1 per cent in revenues to $92.5 million.

However, Kakalake is succeeding on an international level, holding licence agreements for 18 restaurants across the globe.

Revenue has risen 52 per cent year on year, sitting at $9.7 million, and the group has confirmed they will be opening five new venues in 2018, including Bread Street Kitchen in China and four venues in North America.

“A number of new international contracts are being actively negotiated, however, contracts have yet to be signed,” the group said. “The global spread of our restaurants means the business is not reliant upon one location and is therefore well placed to adapt and adjust to softer trading conditions.”

Image credit: Indulge Express

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