Turnover and sales up at The Restaurant Group
The 380-strong Restaurant Group (TRG), whose brands include Frankie & Benny's, Chiquito and Garfunkel's, has reported an 8 per cent increase in turnover for the 45 weeks to 7 November on last year.
Like-for-like sales at the group, which also includes 42 pub/restaurants under the Bluebeckers and Brunning & Price banner, are 0.25 per cent up on last year.
"TRG has demonstrated its resilience and has continued to make further good progress despite a tough economic backdrop and uncertainty over the outlook for employment which has adversely impacted our sector during 2010," it said in a trading update.
TRG has opened 18 restaurants so far this year with all set to deliver "strong returns".
Continued development
It plans to open between 23 and 25 new restaurants in 2010 and a further 22 to 27 next year.
It said it "anticipates a meaningful reduction in our year end net debt position" when compared to December 2009.
"Looking forward to 2011, we expect a continuation of current trading conditions with ongoing pressures on consumer spending from tax rises and potentially higher unemployment," it said.
"Our distinct market positioning with strong brands, experienced and motivated teams, our focus on delivering consistently excellent levels of service and hospitality with great value-for-money offerings will, in the absence of a significant downturn in the economy, enable the Group to continue its profitable development."
Ewan Turney is web editor at BigHospitality's sister publication, The Morning Advertiser.
