UK-based The Restaurant Group, which owns restaurant chains Wagamama and Frankie & Benny’s, has announced plans to shut around 75 to 85 sites by 2024 due to increasing costs.

The company currently operates 116 sites across the country, according to Sky News.

The group has blamed higher energy and ingredient costs, as well as wage inflation, for its decision to shut the locations.

Additionally, it is said to be under pressure from investors and has earmarked 35 loss-making sites for closure.

These sites will be closed over the next three years upon the expiration of their leases.

However, the company did not disclose which locations it is planning to shut, The Sun reported.

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The company also released its full-year results for FY22, which ended on 1 January 2023.

It reported £883m in total sales, representing an increase compared to £636.6m in 2021.

Adjusted EBITDA profit for the latest year was £83m on a pre-IFRS 16 basis, compared to £81.2m in the previous year.

The Restaurant Group chief executive Andy Hornby said: “We’ve delivered a strong operating performance for the year in a market which has continued to pose a number of headwinds for casual dining operators.

“Current trading has been very encouraging, to the great credit of our teams, who continue to ensure our customers receive the best experience possible.

“We have a clear plan to increase […] margins over the next three years and deliver significant value for all our stakeholders.”