Non-executive chairman of Richoux resigns with immediate effect

The non-executive chairman of the Richoux restaurant group has resigned from his position with immediate effect.

Simon Morgan's departure was announced today, two days after shareholders approved a decision to leave London's AIM market.

In November the group agreed to sell the leases of three restaurants, including its Piccadilly site, for a total of £625,000.

The business, which owns and operates restaurants under the Richoux, Villagio, Friendly Phil's, Zintino and the Broadwick brands, announced its intention to reduce its portfolio in August.

It had reported a 10.3% fall in revenue in the 26 weeks to 1 July 2018 to £5m. The net loss for the period was £980,000.

Richoux group sells leases of three restaurants for £625,000>>