Restaurant Group in talks with landlords amid reports of outlet closures

Writer,

Archived article

Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.

Wagamama and Frankie & Benny's owner Restaurant Group said it was in talks with landlords about potential restructuring options for its estate.

The company said it had noted press speculation that it could close a large number of outlets, but did not comment specifically on any potential closures.

The BBC, citing an email sent to managers, reported last week that Restaurant Group could close as many as 120 restaurants, with Frankie & Benny's bearing the burnt of the closures.

'As is widely understood our industry is facing exceptional challenges in what is an unprecedented operating environment,' Restaurant Group said.

'The casual dining sector was already facing significant challenges prior to the onset of Covid-19, with overcapacity and significant cost pressures.'

'In order to meet both the immediate challenges and to build a post-lockdown business with a sustainable future, we are in discussions with our landlords regarding potential restructuring options for our leisure estate.'

'Our Wagamama, airport concessions and pub operations are not affected by these discussions.'