Family favourite restaurant chain to shut 35 more branches after string of closures | The Sun
A FAMILY favourite restaurant chain is to shut 35 branches following a string of closures.
The Restaurant Group (TRG) has revealed it will be shutting dozens of its loss-making restaurants in an effort to boost earnings.
This could include chains like Frankie & Benny’s and Chiquito.
The group, which owns Wagamama, reported widening losses last year and said some of its restaurant chains had been directly impacted by the cost of living crisis.
Three of the restaurants will be turned into branches of Wagamama.
The rest will be sold or the lease will be ended or left to expire.
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TRG currently has around 400 restaurants up and down the country.
The move will shore up more cash for the group, which has been under pressure to boost profits.
It comes after shares in the business have dropped to less than a third of pre-pandemic levels.
And its statutory pre-tax loss widened to £86.8million in 2022 from £35.2million the previous year, TRG said on Wednesday.
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But sales jumped to £883million last year, from £636million the previous year.
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."
TRG had to close hundreds of its restaurants as a result of the coronavirus pandemic.
At least 61 Chiquito restaurants were closed in 2020, with the loss of around 1,500 jobs.
It went on to close 125 of its other restaurants including a raft of Frankie & Benny’s locations.
It also completely shut down its Food and Fuel chain of pubs in London.
More high street closures
The high street has taken a battering in recent years as retailers struggle to stay financially viable following strict coronavirus lockdowns.
In December 2022, pub chain Wetherspoons announced it would be closing a total of 39 pubs after being hit by soaring inflation.
Plus burger chain Byron Burger fell into administration, immediately closing nine of its branches.
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While B&M, Boots and B&Q are just some of the retailers that have been feeling the pinch and are looking to close stores.
Here, we've put together a full list of shops closing branches in March.
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