The Restaurant Group (TRG) is expected to announce further site closures later this week when it provides a trading update.
According to the Mail On Sunday, TRG is preparing to close a number of its underperforming sites with many believed to be located at retail parks. It has also been reported that some of the sites earmarked for closure could be turned into the company’s Wagamama brand.
The announcement of any closures are expected to be revealed later this week when TRP boss Andy Hornby is to give his first strategy update following his appointment last August.
Hornby’s appointment came as TRG was hit with a £115.7m ‘exceptional’ pre-tax charge in its interim results for the 26 weeks ended 30 June 2019.
The pre-tax charge predominantly related to a £100.2m impairment charge and a £10.7m onerous lease provision in its Leisure business, and as a result the company reported a statutory loss before tax to £87.7m during the period.