The Restaurant Group has reported a 3% drop in like-for-like sales.
The group, which operates 497 restaurants around the UK across brands including Frankie & Benny’s, Chiquito and Coast to Coast, also saw a 4.4% decrease in turnover for the 52 weeks ending 31 December 2017.
In 2018, the Restaurant Group plans to continue pursuing its four-stage strategy. It aims to re-establish the competitiveness of its leisure brands by investing in price, food quality and marketing, kick-starting new initiatives, grow its pub and concessions business, and build a “leaner, faster and more focused organisation”.
Andy McCue, chief executive, said: “In 2017 we made solid progress against our strategic initiatives, resulting in improved volume momentum in our leisure business, a lower cost base and a more focused growth plan. While the market has softened, we continue to benefit from strong cash generation and a healthy balance sheet.”
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