The Restaurant Group reports £235m loss due to pandemic lockdown

7th October 2020 (Last Updated October 7th, 2020 13:33)

The Restaurant Group (TRG), which owns restaurant chains such as Wagamama, Frankie & Benny’s and Garfunkel’s, has reported approximately £235m loss due to lockdown and other restrictions brought by the Covid-19 pandemic.

The Restaurant Group reports £235m loss due to pandemic lockdown
The Restaurant Group owns Wagamama. Credit: Triplecaña.

The Restaurant Group (TRG), which owns restaurant chains such as Wagamama, Frankie & Benny’s and Garfunkel’s, has reported approximately £235m loss due to lockdown and other restrictions brought by the Covid-19 pandemic.

In the wake of the Covid-19 pandemic, The Restaurant Group took several decisive actions to safeguard the future of the business while ensuring the health and safety of its customers and colleagues.

As part of a significant restructuring of its estate, its expected retained estate stands at approximately 400 as of October.

As of 20 September, TRG operated more than 350 restaurants and pubs in the UK.

As part of the Government’s Coronavirus Job Retention Scheme, the company furloughed more than 20,000 employees across the restaurants and head office.

Wagamama like-for-like sales rose 11% between 4 July and 20 September. TRG acquired pan-Asian chain Wagamama in 2018.

The sales at Frankie & Benny’s, Chiquito, Firejacks, Garfunkel’s and Coast to Coast were up 4% during this period.

TRG chief executive officer Andy Hornby said: “It has been an extraordinary and difficult period for the hospitality sector but one, in which we have pulled together to achieve a great deal.

“The priority throughout has been the safety of our colleagues and customers, and we have also accelerated the reshaping of our portfolio, resulting in higher quality, diversified estate.

“While the sector outlook is uncertain, and we are mindful of recent restrictions across the UK, we are confident that the actions we have taken provide us with strong foundations to emerge as one of the long-term winners.”