Published:
The Restaurant Group warns investors of sales hit due to COVID-19
The group plans to cut capital expenditure by at least £45 million.
The Restaurant Group (TRG) warned investors that the COVID-19 crisis will almost halve its sales in the first half of 2020.
The owner of the Wagamama, Frankie & Benny’s and Chiquito restaurant brands said in a trading update that there could be a 45% sales decline in the first six months due to UK measures to contain the disease.
TRG also revealed like-for-like sales over the past two weeks have fallen 12.5%, also explained that its airport concession stands have suffered the brunt of the coronavirus fallout as countries implement travel bans.
As a result, the group plans to cut capital expenditure by at least £45 million from £75 million.
