The Restaurant Group has announced plans to close around 35 unprofitable casual dining restaurants, including popular chains Frankie & Benny’s and Chiquito.
The move aims to boost the group’s earnings, with up to three restaurants being converted into Wagamama outlets while the remainder will be sold or their leases will be allowed to expire.
The company stated that these restaurants had been hit hard by rising living costs, impacting consumer demand.
However, the group reported an overall increase in sales, thanks to an uptick in business at Wagamama and the Brunning & Price pub chain.
Chief executive of The Restaurant Group, Andy Hornby, praised the company’s strong operating performance in a tough market for casual dining operators.
He also expressed optimism about the company’s prospects, stating they had a clear plan to increase EBITDA margins over the next three years and deliver value to all stakeholders.»The Restaurant Group shutdowns outlets«