Frankie & Benny's owner to shut down 35 restaurants

Only Wagamama will not see any restaurants close.

Restaurant operator The Restaurant Group (TRG) announced that it is planning to reduce its estate by 30% or 35 restaurants by next year by closing loss-making sites.

The company blamed cost pressures and consumers cutting back on spending for the move.

TRG operates brands such as Frankie and Benny's, Chiquito, and Wagamama. However, only its Wagamama chain will not see any closures. In 2021, the company previously announced that it will close 250 sites from its Frankie & Benny’s Chiquito, and Food & Fuel brands.

The firm's management previously has come under fire from investors pushing for change after the company's share value fell by two-thirds last year.

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TRG’s total sales increased nearly 39% YoY to £883m last year, with adjusted earnings before interest, tax, depreciation and amortisation climbing from £81.2m in 2021 to £83m in 2022. However, the company posted a statutory pre-tax loss following a non-cash impairment because of “significant inflationary and cost-of-living pressures in the near term”.