Family favourite restaurants SOLD affecting 75 locations – is one near you?
TWO family favourite restaurant chains have been sold in a move that will affect 75 locations.
The Restaurant Group (TRG) has completed a deal to sell both Frankie & Bennys and Chiquito to Cafe Rouge owner The Big Table group.
The Big Table owns other big name brands like Cafe Rouge and Bella Italia.
It comes after TRG revealed that it will be shutting around 40 sites by April 2024.
The move will allow the group to focus on its other brands, including Wagamama.
Andy Hornby, chief executive officer of TRG, said: “I would like to express our massive thanks to the extraordinarily hardworking and dedicated teams across the Leisure business who have made huge improvements in the customer proposition over the last few years.
“We wish them all well as part of the Big Table Group.”
The deal will see TRG pay £7.5 million in cash to Big Table and is set to be completed by March 31, 2024.
It will include 75 restaurants and associated restaurant and management team employees.
Alan Morgan, chief executive officer of the Big Table Group, said: “This exciting acquisition forms part of that strategy and we are delighted to be welcoming this new team into The Big Table Group.”
First announcing the closures back in March TRG reported widening losses last year and said some of its restaurant chains had been directly impacted by the cost of living crisis.
So far dozens closures have taken place, including Frankie & Bennys, Chiquito and Firejacks sites.
TRG also had to close hundreds of its restaurants as a result of the coronavirus pandemic.
At least 61 Chiquito restaurants were closed in 2020, with the loss of around 1,500 jobs.
It went on to close 125 of its other restaurants including a raft of Frankie & Benny’s locations.
It also completely shut down its Food and Fuel chain of pubs in London.
Last week, in its latest update, the groups confirmed strong trading across pubs, concessions and its leading chain, Wagamama.
It is also aiming to open between eight to 10 new Wagamama restaurants a year from next year.
Food and drink chains in general have been suffering in recent months as the cost of living has led to fewer people spending on eating out.
The hospitality sector as a whole has been struggling to bounce back after the pandemic, only to be hit with soaring energy bills and inflation.
Several chains have also been affected, resulting in brands like Wetherspoons closing branches.
In January, Byron Burger fell into administration with owners saying it would result in the loss of over 200 jobs.
Italian dining chain Prezzo revealed plans to shut 46 restaurants back in April as a result of soaring energy and food costs, putting 810 jobs at risk.
Meanwhile, coffee lovers are saying goodbye to yet another branch while still reeling from a string of closures.
Elsewhere, the first Wilko stores set for closure have been announced by administrators.
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