Business

Frankie & Benny's owner to shut up to 90 restaurants

Frankie & Benny's operates two restaurants in Belfast. Picture: Hugh Russell
Frankie & Benny's operates two restaurants in Belfast. Picture: Hugh Russell Frankie & Benny's operates two restaurants in Belfast. Picture: Hugh Russell

FRANKIE & Benny's owner The Restaurant Group (TRG) has said it plans to close up to 90 restaurant sites by the end of next year.

The dining firm said the closures will impact sites across its leisure portfolio, which includes the Frankie & Benny's and Chiquito brands, and comes after it exited 18 sites in 2019.

The group currently runs three Frankie & Benny's outlets in the north.

The closure plan comes amid a tough period for casual dining chains, with rivals such as Jamie's Italian collapsing over the past year.

TRG said at least 31 of its leisure sites will not see their contract renewed, with the number potentially rising depending on discussions with landlords.

It added that it also expects to dispose of up to 35 further sites, sell another 12 freehold sites, and plans to convert up to 12 current leisure restaurants into its more profitable Wagamama brand.

The move will take its leisure portfolio down to 260-275 sites by the end of 2021, from 350.

TRG confirmed the closure plans as it reported like-for-like sales growth of 2.7 per cent for the year to December.

The group saw total sales soar 56.4 per cent to £1.07 billion as it was buoyed by its £559 million acquisition of Wagamama in October 2018.