"No consistent improvement in trading conditions" for Richoux Group
Richoux Group has seen "no consistent improvement in trading conditions" says chairman Simon Morgan in the group's half year report.
In Richoux's unaudited interim results for the 28-week period ending 9 July 2017, Morgan said the owner and operator of Richoux, Friendly Phil's and Villagio restaurants had experienced "some growth in trade of the rebranded restaurants but, in line with the industry, not at the level we had hoped for". The group reported a decrease in turnover of 20.2% to £5.7m and losses after tax of £1.1m.
Morgan added: "We currently see no consistent improvement in trading conditions from those prevailing when we last reported in April this year."
The group had reported a difficult first quarter and a deterioration in consumer confidence earlier this year.
Richoux currently operates 17 restaurants, having disposed of three during the 28-week period and a further two since, including a Villagio in High Wycombe, and Friendly Phil's restaurants in Bicester, Orpington, Yate and Trowbridge.
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