The Restaurant Group has revealed it will be shutting around 35 of its loss-making casual dining restaurants, which could include chains Frankie & Benny’s and Chiquito, in efforts to boost its earnings.
The group said up to three of the restaurants will be converted to Wagamama while the rest will be sold or the lease will be left to expire.
The restaurants had been directly impacted by cost-of-living pressures dampening consumer demand, the company said.
Nevertheless, it reported an overall uplift in sales, having seen an increase in people dining in at Wagamama and across its pub chain Brunning & Price. Andy Hornby, chief executive of The Restaurant Group, said: “We’ve delivered a strong operating performance for the year in a market which has continued to pose a number of headwinds for casual dining operators.
“Current trading has been very encouraging to the great credit of our teams who continue to ensure our customers receive the best experience possible.
“We have a clear plan to increase EBITDA margins over the next three years and deliver significant value for all our stakeholders.”
