The company already closed the majority of its Chiquito restaurants at the start of the pandemic
Shares in the restaurants giant behind Frankie & Benny’s and Chiquito dropped sharply as it warned on site closures and job losses.
The group, which also owns pan-Asian chain Wagamama, said the closures would help it shore up cash after reporting deepening losses over 2022. “Every year a number of leases come up for potential renewal, so the vast majority is where we are going to selectively - and we haven’t fully decided yet, we are going to constantly review the way the sites are trading - exit a number of those, rather than renew the lease for another five or 10 years,” said Mr Hornby.
Mr Hornby said the business would try to offer deployments to staff across the affected sites wherever possible, although did not specify how many jobs would be impacted. 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 customers.
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