Casual Dining Group, the owner of Cafe Rouge, Las Iguanas and Bella Italia has announced it is to invest £30m in its 300 restaurants to enhance their performance as part of a refinancing of the company.
The group’s restaurants are already performing ahead of the market with the company reporting a like-for-like sales rise of 2.3% and total sales up 5% in the past 14 weeks.
It is thought that the new investment will allow the chains to pay down some debts and grapple with a high street that has recently seen a slew of firms including Carluccios and Jamie’s Italian face financial difficulty.
Steve Richards, CEO at Casual Dining Group, said: “We are delighted to have agreed substantial new investment which establishes a strong foundation to continue to invest in our brands and take advantage of opportunities in the sector as they arise. Against a challenging backdrop, we continue to perform ahead of the market, with total sales up nearly 5% and like-for-like sales up 2.3% in the past 14 weeks.
“We have also seen double digit profit uplift in the period. Our growth initiatives gather pace with delivery, partnership openings and our digital-first approach all driving sales. We have opened seven new concession sites in airports and hotels since the start of the year with an active schedule of UK owned and international franchise new openings in the pipeline, building on our existing well invested estate.”