Frankie & Benny's owner warns of jobs as 35 loss-making sites closed
Friday, March 10, 2023
Tayside and Fife jobs may be in danger after the company behind Frankie and Benny's announced plans to close down restaurants this year.
The company that employs about 18.000 people has closed a number of the loss-making eateries during that period, including most of its Chiquito restaurants, to bolster its finances during the onset of the pandemic.
The Restaurant Group (TRG) which owns the two chains, announced it would close about 35 of those loss-making restaurants.
Up to three of those locations will be transformed into Wagamama within the next two years, with the rest to be sold or ended or leases expiring.
Recent cuts at Restaurant Group
The Restaurant Group is under pressure from Hong Kong-based investor Oasis Capital Management, which holds 6.5 per cent of the company.
TRG is planning to open five to six new Wagamama restaurants annually in three years' time.
Russ Mould, an investment director at AJ Bell, suggested that Tragico concentrate all its efforts on the struggling Wagamama chain.
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