Richoux plans sale of London site as it trims portfolio

Richoux Group is in advanced negotiations over the £1.35m sale of the lease of one of its central London sites.

The business, which owns and operates 18 restaurants under the Richoux, Villagio, Friendly Phil's, Zintino and the Broadwick brands, said that current headwinds meant that it "remained focused on cost reduction and, where necessary, refinement of both its brand and property portfolio".

In a brief trading update for the 26-week period ended 1 July 2018, Richoux reported that revenue was expected to be in line with 2017, when it turned over £5.7m and made a loss of £1.1m. It added that it expected a reduction in the level of losses for 2018.

Richoux Group said that cash balances as at period end were approximately £900,000, and as a result it intends to raise a further £1.1m by way of a subscription at 6p per ordinary share.

"No consistent improvement in trading conditions" for Richoux Group >>

Richoux Group disposes of five sites after reporting £6.7m loss >>

Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).