Chef Nusret's restaurant loses nearly $7 million

Despite its luxurious global reputation and exorbitant prices, London's Nusr-Et restaurant—owned by renowned Turkish chef Nusret Gökçe, known as "Salt Bae"—faced a major financial crisis in 2024, recording losses exceeding $6.9 million despite generating revenues exceeding $12.6 million, according to recent financial reports.

Reasons for the loss: Re-evaluation of assets costs millions Reports indicated that the losses were primarily due to the revaluation of the company's assets in the United States, which cost the group approximately $7.5 million. This measure directly impacted the results of the London branch, Nusret's European headquarters, reducing its profits despite the high demand.

Chef Nusret is reducing his presence in America and betting on global expansion.

Despite the overwhelming popularity of the Nusr-Et brand around the world, the group faces challenges in the US market. It recently closed several prominent locations in Beverly Hills, Dallas, Las Vegas, Boston, and New York, leaving only two of the seven restaurants that previously operated there.

The company explained to RestaurantDive that it decided to focus on international expansion rather than the US market, which underperformed last year. Nusret reportedly plans to open new restaurants in Mexico City and Ibiza, targeting luxury tourist destinations that align with his brand identity.

Despite the losses, the company still maintains a cash reserve of $2.9 million, up from $10 million the previous year. Nusret's personal fortune is estimated at no less than $55 million, making him one of the richest chefs in the world.

London branch: a favorite destination for celebrities, with controversial prices

The Knightsbridge branch in London is one of Nusr-Et's most popular restaurants, attracting celebrities such as David Beckham and Cristiano Ronaldo. The restaurant is famous for its gold-covered steaks, with the Giant Tomahawk steak costing around $790, while the Striploin steak sells for $850.

Despite her overwhelming success, Nusret's career is not without controversy and criticism. He caused a global uproar when he entered the 2022 World Cup final stadium and held the trophy to take photos with the players, prompting FIFA to open an official investigation. He was also ridiculed after posting videos of his luxurious lifestyle inside his $45 million Istanbul mansion, as well as a "student" discount campaign at one of his American restaurants, which was described as "provocative" due to the high prices even after the discount.