Salt Bae’s luxury London restaurant, Nusr-Et, faced a sharp £4.3 million revenue drop in 2023, as customers reined in spending on its infamous £680 steaks. Nestled in Knightsbridge, the restaurant reported a turnover of £9.3 million, down from £13.6 million the previous year, while profits (EBITDA) declined from £3.9 million to £2.2 million. The staff count also fell from 93 to 84, reducing payroll expenses by £800,000, according to the restaurant’s annual report.
Known globally as Salt Bae, chef Nusret Gökçe rose to fame in 2017 after a viral video captured his signature “salt sprinkle” technique. This led to celebrity clientele and the opening of Nusr-Et restaurants in London, New York, Dubai, and Las Vegas. However, recent challenges, including the post-pandemic cost-of-living crisis and inflation, have affected the upscale dining sector.
In response, Nusr-Et has attempted to cut costs by improving energy efficiency. Measures included reducing heating use during off-peak hours and turning off lights when the restaurant is closed. Despite these efforts, fewer customers opted for the restaurant’s pricey offerings, which had been mocked online since its 2021 London debut for high prices, such as the £680 Wagyu steak and a now-discontinued £1,450 gold-covered steak.
The group remains optimistic, stating it can sustain operations based on this year’s earnings and cash flow projections. Nonetheless, it’s clear that even in Knightsbridge, luxury dining is feeling the impact of shifting consumer spending.
