It has been a turbulent year for Restaurant Group. The company has parted company with its chief finance officer and chief executive in recent months and experienced a half-year loss of £22.5m as a new menu has failed to entice customers.
The company has today announced the axing of 33 of Frankie & Benny’s and Chiquitos restaurants in a bid to restore its fortunes after what it described as a ‘challenging trading period’.
The company has reported that sales have fallen by 3.9% for the first half of the year, which is within its earlier guidance range, while pre-tax profits have slipped by 3.7% to £36.6m. Investors will take some relief that the Board has not yet resorted to cutting the dividend, which has been maintained at 6.8 pence per share.