City Centre profits fall

City Centre Restaurants (CCR) said today its pre-tax profits fell by £2m last year to £15.9m, compared to £18m in 1999.

Its sales of food and drink reached £217.6m in 2000, up £12m on 1999's £205.3m.

This represented an annual increase in sales of 6%.

The company, in announcing its financial results for the year 2000, reiterated its intention to sell some of its restaurants.

In February it said it planned to get rid of its OK Diners.

Alan Jackson, who was appointed executive chairman last month, said: "It is my firm intention that in the future we will operate fewer brands, this being achieved through the disposal of non-core operations.

"We can then focus on the company's high performance brands."

He said CCR would open 15 restaurants this year, mostly Frankie & Benny's, with a further 22 restaurant openings planned for next year.

CCR, whose other chains include Garfunkels, Caffe Uno, Est Est Est, Wok Wok and Chiquito's, said it had been a mixed year so far.

It said the year had started well for Garfunkel's and Frankie & Benny's, with both chains having shown positive like-for-like sales in the first 12 weeks of 2001.

Caffe Uno was reported to have shown positive signs of improvement and, after a slow start in January, Chiquito's was seen to be producing some good results.

Jackson said the other restaurants had experienced difficult trading.