Wagamama, Chiquito and Frankie & Benny restaurant chain to shut 35 branches
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The Restaurant Group has confirmed it will be shutting 35 more of its branches in an effort to increase profits. The group, which is responsible for Wagamama and Chiquito, said some of their chains had been impacted by the cost of living crisis.
TGR has around 400 restaurants across the UK currently, and has said that the 35 branches it will be closing will be sold or the lease will be left to expire. However, three of the branches will be turned into Wagamama locations.
The decision comes after shares in the business dropped to less than a third of pre-pandemic levels. Additionally, the company said its statutory pre-tax loss widened to £86.8million in 2022 from £35.2million the previous year. However, sales rose to £883million in 2022, 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."
This isn’t the first time that TRG has closed restaurants. The company completely closed its Food and Fuel chain of pubs across London.
In 2020, the company closed 61 Chiquito restaurants due to the pandemic which resulted in the loss of 1,500 jobs. The company then went on to close 125 of its restaurants including a large proportion of Frankie & Benny locations.