Wagamama and Frankie & Benny’s owner The Restaurant Group has delivered a positive set of figures in its latest trading update, with like-for-like sales outperforming the market.
It said that, as a result, it was raising its full-year guidance on underlying earnings from £61.5m to a range of between £73m and £79m, “subject to no unexpected Covid-related disruptions being announced before the end of the financial year”.
The group’s strong trading performance had a knock-on effect on its borrowings, with its year-end net debt expected to fall by £20m to less than £190m.
The firm was one of many restaurant chains to use a CVA during the pandemic to shed sites. It reduced its estate from 650 properties to around 400.
