The Restaurant Group (TRG), the owner of Wagamama, Frankie & Benny’s and Chiquito, has put 22 more of its sites on the market.
A spokesperson could not confirm which sites have been brought to market; however, it is understood that a total of 44 sites are up for sale, of which 22 have ceased trading already. The latest group of 22 restaurants are all still trading and will stop trading as and when sold.
A spokesperson from TRG said: “As we mentioned at our full-year results, a number of our leisure sites are in structurally unattractive locations and we are actively reviewing our estate and exploring options in line with our strategy. We are currently marketing a number of sites and, if sold, we will endeavour to redeploy staff to other sites within our portfolio.”
TRG believes that its acquisition last year of pan-Asian brand Wagamama will be transformative for the company. In the group’s annual results for the year to 30 December 2018, the company said that the addition of Wagamama, comprising 133 sites, will help the business “address delivery opportunities via restaurants and delivery kitchens, pilot pan-Asian cuisine ‘food-to-go’ offerings, explore international growth options and deliver at least £22m of synergies”.
The group, which spent £559m on the acquisition, reported a 2% drop in like-for-like sales, with total sales up to £686m. At the year-end TRG operated more than 650 restaurants and pubs.