Richoux plans sale of central London site

By Sophie Witts contact

- Last updated on GMT

Richoux plans sale of central London site
The Richoux restaurant group has said it could close one of its central London locations after a year of flat trading.

In an update to the market today (29 August) Richoux says it expects to post another loss in the six months to July 2018.

The company owns and operates 18 restaurants under the Richoux, Villagio, Friendly Phil’s, Zintino and The Broadwick brands.

It says it is now in “advanced negotiations” on a potential sale of the lease of one of its central London restaurants.

“While there can be no certainty at this stage that the sale will proceed, nor as to the final terms, it is expected that the sale would generate net proceeds of approximately £1.35 million,” Richoux says in the update.

The company says its cash balances at period end were approximately £0.9m and that it intends to raise £1.1m by way of a subscription at six pence per ordinary share. 

“The Group has seen continued pressure on trading during the period, with futher impact from temporary restaurant closures due to conversion or refurbishment," says Richoux.

“In view of these continued headwinds, the Group has remained focused on cost reduction and, where necessary, refinement of both its brand and property portfolio.”

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