The group behind the restaurant chains Wagamama and Frankie & Benny’s have announced that they will close up to 90 restaurant sites by the end of next year.
The Restaurant Group which shut eighteen sites last year including the Frankie and Benny site in Manchester City Centre said at least 31 sites will not have their leases renewed, with the number potentially rising depending on discussions with landlords.
Up to 35 further sites will be jettisoned, with 12 freehold sites sold, while up to 12 restaurants will be converted to Wagamama outlets.
Restaurant Group heralds its £559m purchase of the Wagamama operation in 2018 as turning its fortunes around.
Chief executive Andy Hornby told investors: “Our three growth businesses of Wagamama, concessions and pubs are all out-performing their respective markets and have clear potential for further growth.
“I am also acutely aware of the challenges facing our leisure business and the wider casual dining sector.
“Following an extensive review we have defined three clear strategic priorities for the next two years: Grow our Wagamama, concessions and pubs businesses; rationalise our leisure business; and accelerate our deleveraging
profile.”
