Like for like sales at The Restaurant Group were up 2.5 per cent for the first 45 weeks of the year and the company said it was confident about producing full year results in line with its expectations.
However, in a trading statement, the Frankie & Benny’s and Garfunkel’s owner said it would be slowing down new openings in 2009 because of ‘challenging’ conditions.
Twenty-nine new restaurants have been opened so far in 2008 with another six expected to open by the end of the year, but the company plans to only open up to 25 new outlets in 2009.
It said: “Our approach continues to be based on quality rather than quantity, with projected return on capital being the determining factor in our decision to open any new restaurant.”
The company, whose other brands are Chiquito, Blubeckers, Brunning & Price and Edwinns Brasserie, said it was in no doubt that pressures on consumer spending would make 2009 another “tough year” but said it hoped that a focus on good value and hospitality would drive ‘consistent returns and cashflows from our existing business’.
“Although TRG is not immune from the impacts of the current economic backdrop, our strong brands and more resilient market positioning will continue to benefit our company as they have done to date,” it said.
Restaurant Group director steps down
Sales increase at The Restaurant Group