Up to three of the sites will be converted into Wagamama restaurants
Frankie & Benny’s and Chiquito owner The Restaurant Group has cautioned over job losses after revealing plans to shut around 35 of its loss-making casual dining locations.
“We will manage that on a localised basis, and the teams will be the first people to know. But we are not closing any sites that we think have got long-term profitable futures.” The plans come after TRG has faced pressure from activist shareholders to improve shareholder returns, with shares in the business shrinking to less than a third of pre-pandemic levels. The company, which has about 18,000 staff, has already cut a raft of loss-making restaurants over the period, including closing the majority of its Chiquito restaurants at the start of the pandemic to bolster its finances.
Mr Hornby said that, while the rise in sales was partly driven by higher prices, the chain has also seen an increase in consumers visiting restaurants. Russ Mould, an investment director AJ Bell, suggested that TRG focused all its efforts on the better-performing Wagamama chain.
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