The Restaurant Group sales near pre-pandemic levels since UK outdoor dining resumed, company says
Over the past year, the company had to permanently shut some underperforming restaurants.
The Restaurant Group (TRG) said sales from outdoor dining at its Wagamama chain and pubs were near pre-pandemic levels in the five weeks to May 16.
Sales at about 130 Wagamama restaurant sites and 75 pubs were roughly 85% of the levels seen in 2019 in the said period, after spending heavily on stretch tents and marquees.
Average standalone delivery and takeaway sales at Wagamama in the six weeks to April 11 were at three times compared with pre-COVID levels, whilst leisure unit sales were more than five times, due to a surge in orders during lockdown.
Over the past year, the company had to permanently shut some underperforming restaurants, secure new long-term loans, seek out government support and raise money multiple times to ease pandemic-induced pains.
TRG added that the environment continued to be uncertain and that it had more than 200 million pounds (US$283.96 million) of cash on its debt facilities, giving it some protection against a resurgence or a variant of the coronavirus.