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Wagamama owner slumps to £234.7million half-year loss

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Frankie & Benny’s and Wagamama owner The Restaurant Group has said the pandemic sent it slumping to a £234.7 million half-year loss, but said trading had been “very encouraging” since sites reopened.

The group’s loss for the six months to June 28 was nearly triple the £78.8 million loss reported a year earlier.

It booked a £132.4 million charge for restructuring costs, having shut nearly 250 of its 653 sites and concessions.

The group, which has axed thousands of staff during the pandemic, said it was pleased with sales over the 11 weeks to September 20, with around 90% of its estate now open.

Andy Hornby, chief executive of The Restaurant Group, said: “It has been an extraordinary and difficult period for the hospitality sector but one in which we have pulled together to achieve a great deal.

“The priority throughout has been the safety of our colleagues and customers, and we have also accelerated the reshaping of our portfolio, resulting in a higher quality, diversified estate.

“Since reopening, I am genuinely pleased with the strength of our trading performance and would like to sincerely thank each and every one of our colleagues for their extraordinary efforts.

“Whilst the sector outlook is uncertain, and we are mindful of recent restrictions across the UK, we are confident that the actions we have taken provide us with strong foundations to emerge as one of the long-term winners.”

Lohit Soundarajan

Founder , Editor Tech Guy #Voxguy

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