Restaurant Group, owner of Frankie & Benny’s and Chiquito, plans to close more than 150 outlets in an effort to rejuvenate its business after posting an £87.7m pre-tax loss for the first half of this year. The company, which acquired pan-Asian restaurant Wagamama last year for £559m, said on Tuesday that it had taken a £115m hit to earnings, primarily due to a £102m impairment charge for its leisure business, which includes the Frankie and Benny’s and Chiquito chains. It posted a pre-tax profit of £12.2m in the same period last year.
Restaurant Group, owner of Frankie & Benny’s and Chiquito, plans to close more than 150 outlets in an effort to rejuvenate its business after posting an £87.7m pre-tax loss for the first half of this year. The company, which acquired pan-Asian restaurant Wagamama last year for £559m, said on Tuesday that it had taken a £115m hit to earnings, primarily due to a £102m impairment charge for its leisure business, which includes the Frankie and Benny’s and Chiquito chains. It posted a pre-tax profit of £12.2m in the same period last year.
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