Richoux Group planning to close three restaurants

By Sophie Witts

- Last updated on GMT

Richoux Group planning to close three restaurants
The Richoux Group says it is planning to offload three of its restaurant sites in order to refine its portfolio after a year of difficult trading.

The company has entered in to a conditional agreements to sell the leases on its Richoux Piccadilly restaurant in central London for £500,000, Richoux Gloucester Road for £100,000, and Friendly Phil’s diner in Braintree for £25,000.

Richoux says the Piccadilly site generated unaudited losses before tax of approximately £10,000 on revenues of approximately £1.1m in 2017.

It expects the sale to complete before 21 March 2019, subject to obtaining the landlord’s agreement.

The group, which also owns and operates the Villagio and The Broadwick restaurant brands, says the proceeds of the sales will contribute to the ongoing working capital of the company.

Richoux announced in August that it was considering selling the lease of one of its central London restaurants after struggling with 'continued pressure' on trading this year.

"Following the strategic review of our estate, we have entered into agreements, subject to satisfaction of certain conditions, to sell the leases to our Piccadilly, Braintree and Gloucester Road restaurants which, if successful, will enable us to focus on the remaining portfolio,” says Jonathan Kaye, chief executive of Richoux.

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