The Restaurant Group is ready to dispose of another nine sites

By Georgia Bronte contact

- Last updated on GMT

The Restaurant Group aims to dispose of another nine sites

Related tags: Casual dining, Restaurant, Business

The Restaurant Group (TRG) has put nine more of its sites on the market following the successful sale of 31 of its other properties.

The restaurants up for sale through property company Savills include six Frankie & Bennys, two Chiquito restaurants and one Filling Station.

None of the properties up for sale are currently trading, and all are available on an individual basis.

All sites are being sold with planning and licensing, which could be an attractive prospect for a buyer that wants to start trading as soon as possible.

The list of the nine new restaurants for sale is as follows:

1. Frankie and Benny's, Army and Navy (Chelmsford)

2. Chiquito, Valley Retail Park (Croydon)

3. Filling Station, Olympic Mall (East Kilbride)

4. Frankie and Benny's, Lee Burns Court (East Kilbride)

5. Frankie and Benny's, Anchor Retail Park (Hartlepool)

6. Frankie and Benny's, Eden Shopping Centre (High Wycombe)

7. Frankie and Benny's, Cleveland Retail Park (Middlesbrough)

8. Chiquito, Ocean Village (Southampton)

9. Frankie and Benny's, Southchurch Road (Southend On Sea)

A spokesperson for the group confirmed that the closures come as a result of the various factors impacting the restaurant industry at present.

“The casual dining market is facing various headwinds, such as increased property costs, which has impacted certain sites within our Leisure portfolio. In light of this backdrop, we have taken the difficult decision to close certain sites within our portfolio," says TRG's spokesperson.

“We regret the impact on colleagues, and will ensure that they are supported throughout the process, as well as identifying opportunities for those wishing to remain in the business where possible.”

TRG began selling off its sites in January, when it put 23 of them on the market, all of which had ceased to trade.

At the time, the struggling operator announced that sales had dropped 3.9% with the publication of its annual financial results for 2016. Frankie & Benny's and Chiquito had underperformed, and the company planned to overhaul the menus to create a more competitive business.

The group says that it has now put in place a number of measures to re-establish the competitiveness of its leisure brands, and - not withstanding challenges - is performing a lot better.

Savills has been appointed to market TRG’s properties as well as acting to acquire new sites for the company across the Midlands, East Anglia, the South of England, and Wales.



Related topics: Venues


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