Carluccio's secures £10m investment in existing sites
Carluccio's has secured £10m of funding from majority shareholder the Landmark Group, which will be invested in 60 existing sites.
The 103-site strong business has said that up to £250,000 will be invested in each of the chosen sites to develop the marketing, design, service and food offering.
The investment follows the passing of a 28-day "challenge period", which commenced with the agreement of a Company Voluntary Agreement in May that saw Carluccio's exit 30 loss-making sites.
CEO Mark Jones said: "This is an important milestone for the Carluccio's business and our team, allowing us to now look ahead positively to the future, with a clear plan to re-assert, and build on, our credentials as the UK's leading Italian restaurant and food company, built on fresh, flavourful dishes.
"The injection of new funding will drive an extensive programme that will elevate the guest experience through enhanced design, food and service. This project will be underpinned by our brand ethos of minimum of fuss, maximum of flavour, which was so passionately championed by our founder Antonio.
"I would again like to express sincere thanks to our landlords for their support during the process and our majority shareholder Landmark Group for backing the management team's vision for the business."
The investment was announced as the company reported a £2.7m fall in revenue in the 12 months to 24 September 2017 to £138.2m. The period saw an impairment of £22.3m reflecting pending closures.
Of the 2017 figures, Jones said: "While these numbers are somewhat historical now, the decrease in underlying profit last year did graphically illustrate the requirement for us to create a more focused group; to divest from lossmaking sites; and to invest significantly in our core business, and I am pleased to be able to report this progress in the intervening period."
Carluccio's creditors approve CVA and closure of up to 30 sites>>
