Carluccio's swallows costs of ‘challenging and transitional year'

01 July 2019 by
Carluccio's swallows costs of ‘challenging and transitional year'

A "challenging and transitional year" has seen Carluccio's foot a £20m restructuring bill, following a CVA and the closure of 29 restaurants.

But financial results state that the company's turnaround plan has already seen a softening in sales decline, with refurbished sites receiving a "strong and positive" response, as well as improving customer sentiment scores.

The casual dining group's CVA received creditor approval in May 2018, with the brand later announcing a £10m funding injection from shareholder Landmark Group to roll out changes in menus, design and operation across the remaining 74-site UK portfolio.

Chief executive Mark Jones said: "By any stretch, this has been a challenging period for the company. We are extremely grateful for the resilience shown by our people, and for the support we have received from our investors and from our landlords in the restructuring of our restaurant portfolio.

"This has stabilised the business and given us the opportunity to restore and re-invigorate this great brand and we are very encouraged by the work we have undertaken to improve every facet of the business - including food quality and restaurant environments, and are pleased by the very strong and positive reaction to our initial investments."

Carluccio's secures £10m investment in existing sites>>

Carluccio's creditors approve CVA and closure of up to 30 sites>>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking