Wagamama's owner slumps to £234.7m half-year loss
Tuesday, October 6, 2020
Restaurant Group (TRG), which owns the Wagamama, Frankie & Benny's and Garfunkel retailers, slipped into the losing zone in the first half as the Coronavirus spread but said sales had returned to normal since stores reopened.
Frankie & Benny's and Wagamama's owner The Restaurant Group has almost tripped the half-year-on-year losses while the pandemic strikes, but said trade had been "very encouraging" since the sites reopened.
The Restaurant Group (TRG) posted a pre-tax loss of £62.6million for the 26 weeks to June 28, compared with profits of £28.1million a year previously.
The scandal caused a £132.4 million shake-up, after shutting almost 250 of the 653 sites and concessions it set up.
TRG said like-for-like sales at Wagamama rose 11 per cent from July 4 to September 20 from the same period a year ago but like-for-like sales at Frankie & Benny's, Chiquito, Firejacks, Garfunkel's and Coast to Coast were up 4 per cent.
It's been an unprecedented and challenging time for hospitality but one in which we've come together to achieve a lot Andy Hornby, CEO of Restaurant Group.