TRG to close 90 restaurants to focus on pubs & concessions

The Restaurant Group (TRG) has announced it will close as many as 90 restaurant sites by the end of 2021, leaving 260-275 eateries.

The company said the closures will impact sites across its leisure portfolio, which includes the Frankie & Benny's and Chiquito brands, and comes after it closes 18 sites last year.

The group is set to focus pubs and concessions divisions, but also said that it is please with Wagamama's trading since it was acquired. It plans to convert 12 leisure sites into Wagamama outlets in the current year.

At least 31 leisure restaurants would not have their leases renewed, 12 freeholds would be sold and the firm would dispose of 35 other sites.

The company employs more than 21,500 people across more than 65 restaurants and pubs. It is not yet known which restaurants will be affected.

The closure announcement comes after the group announced its full year results today, which showed it made a statutory loss before tax of £37.3m.

Chief executive Andy Hornby said, 'Our three growth businesses of Wagamama, concessions and pubs are all out-performing their respective markets and have clear potential for further growth.

'I am also acutely aware of the challenges facing our leisure business and the wider casual dining sector.

'Following an extensive review we have defined three clear strategic priorities for the next two years: Grow our Wagamama, concessions and pubs businesses; rationalise our leisure business; and accelerate our deleveraging profile.'