Wagamama owner reports 'encouraging sales recovery' since reopening

In a trading update for the financial year to date, TRG says it had experienced a “very encouraging recovery in sales” in the five weeks to 16 May, following the opening up of venues for outdoor dining.

The group, which also operates restaurant brands Frankie & Benny’s, Chiquito, Coast to Coast, Garfunkel’s, Joe’s Kitchen and Brunning & Price, says around 110 of its leisure division venues opened for outdoor trading, with sales reaching around 60% of 2019 levels, in line with expectations.

It also says its pubs business also traded at around 85% of 2019’s figures from around 75 venues.

“The board has been very encouraged by the trading performance seen so far in 2021,” it says in a statement. 

“While the environment for the remainder of the year continues to remain uncertain, the group is well positioned across its diversified brand portfolio to benefit from the sustained removal of government restrictions.”

The group now has around 350 sites open across the business for indoor dining, however its concessions business currently has only four sites trading due to the restrictions on international travel.

The group also announced that it has completed its proposed refinancing and has £450m of new debt facilities.