Williams has left the company to embark on his next ‘personal chapter’ with a new CEO to be appointed in early 2025.
The actor turned restaurateur has spent a total of 15 years at steakhouse group Gaucho and a decade at M Restaurants, which he founded in 2014. He was previously managing director at Gaucho, having joined the company in 2005, and returned to the business in 2018, four-and-a-half years after his departure.
The following year Gaucho and M Restaurants merged to create Rare Restaurants.
In an email to his team seen by Restaurant, Williams thanked them for their support and achievement.
“Six years ago, I was privileged to take the helm of Gaucho restaurants and in March 2019 with the support of our investors, we agreed to merge M and Gaucho to create Rare Restaurants. Today, I am lucky enough to have spent 15 years working with Gaucho and 10 years with M,” he says.
“When we merged the companies, I imagined that it would be a three-year journey, to achieve all I felt possible for the restaurants. The three years (in no small part due to the pandemic), became six as you, our teams continue to inspire myself and the directors and show us the full potential of our brands.
“As I say at the beginning of our Rare Lab “I want everyone who works with us to be able to look back and be very proud of their time and accomplishments whilst working in our company” I very much feel that today and appreciate all of the huge efforts each one of you has made to make us ‘sector leading’, multi-award winning and most importantly a true, engaged family who look after each other and have huge pride in delivering heightened hospitality, day after day.
“As planned, the time has come to embark on my next personal chapter and leave Rare Restaurants.
“I look forward to seeing many of you in the future, at as a guest in our restaurants and to watch your individual careers blossom as you grow as people with tremendous talent. Thank you again for your support and achievements.”
In a statement, the Rare Restaurants board thanked Williams for his six years leading the group.
“Martin would also like to thank the shareholders, guests and the Gaucho and M teams nationwide for their amazing support in his nineteen-year journey with the company,” it said.
During Williams’ tenure as CEO, the group opened five new Gaucho venues and has enjoyed strong sales growth. Today, Gaucho Restaurants and its sister restaurant, M, are among the ‘Top 100 Places to Work’ in the UK.
The group won ‘Business of the Year’ in the City AM awards in 2023 and was recently recognised as leaders by The Sustainable Restaurant Association.
In its latest financial results, Rare Restaurants reported double-digit turnover growth in 2023 with revenues hitting a record £75.3m.
It said that its restaurants enjoyed EBITDA margins beyond 20% and a full group restaurant EBITDA of 19%, which includes three new openings – Newcastle, Covent Garden, Cardiff – mid-year.
2023 like-for-like sales rose ahead of pre-pandemic 2019 with 23% growth, while new restaurants enjoyed sustained six-figure weekly net turnovers, with Covent Garden and Cardiff consistently hitting weekly net turnover of £200,000.
