Martin Williams has stepped down as chief executive of Rare Restaurants after six years in the role.
Williams, co-founder of the group behind the Gaucho and M Restaurants brands, announced his departure to pursue his “next personal chapter.”
A new chief executive for Rare Restaurants, which operates 22 locations across the UK, is set to be appointed in early 2025.
According to Companies House, Martin Williams was removed as a director of Lomo Topco, the parent company of Rare Restaurants, as of yesterday.
He held the role of managing director at Gaucho for nearly a decade, from 2005 until 2014, after which he left to establish M Restaurants.
In 2018, Martin Williams returned to Gaucho following its acquisition out of administration by Investec and SC Lowry. The following year, Gaucho’s holding company acquired M Restaurants, merging the two brands under the newly formed Rare Restaurants, with Williams appointed as chief executive.
Under Martin Williams' leadership, Rare Restaurants expanded with five new Gaucho steakhouses, achieving impressive financial performance. Last year, like-for-like sales rose by 23%, and the group’s revenue reached £75 million.
A statement from Rare Restaurants said: “The board thanks Martin for his six years leading the group and wishes him every success in the future. 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.”
The company expressed enthusiasm for the 'busy two months ahead' and is 'looking forward to a strong finish to 2024.'