Steady flow of customers at Restaurant Group
The Restaurant Group, owner of the Frankie & Benny's restaurant chain, said sales rose 6.5% in the 44 weeks to 6 November 2011 despite a tough economic backdrop.
The Restaurant Group, owner of the Frankie & Benny's restaurant chain, said sales rose 6.5% in the 44 weeks to 6 November 2011 despite a tough economic backdrop.
The group, which also operates Chiquito and Garfunkel's, said it has continued to make further good progress despite ongoing pressures facing consumers in 2011.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The performance of these new openings has been excellent and they are set to deliver strong returns," the group said in a company statement.
It expects to open a total of between 24 and 26 new restaurants in 2011 and currently expects to open between 25 and 30 new restaurants in 2012.
The group said it expects to see a 'meaningful reduction in year end net debt' compared to the previous year. "We have recently concluded a refinancing exercise with a new, five year, £140m facility secured on the same covenant terms as the previous facility."
It added that November trading had started well, following consistent like-for-like sales growth in both September and October, and it is on track to meet company expectations for the full year.
"Looking forward to 2012, although we expect a continuation of current trading conditions, our team will be working to ensure that the Group continues its good progress."
--
cj
