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Carluccio's swallows costs of ‘challenging and transitional year'

01 July 2019 by
Carluccio's swallows costs of ‘challenging and transitional year'

A "challenging and transitional year" has seen Carluccio's foot a £20m restructuring bill, following a CVA and the closure of 29 restaurants.

But financial results state that the company's turnaround plan has already seen a softening in sales decline, with refurbished sites receiving a "strong and positive" response, as well as improving customer sentiment scores.

The casual dining group's CVA received creditor approval in May 2018, with the brand later announcing a £10m funding injection from shareholder Landmark Group to roll out changes in menus, design and operation across the remaining 74-site UK portfolio.

Chief executive Mark Jones said: "By any stretch, this has been a challenging period for the company. We are extremely grateful for the resilience shown by our people, and for the support we have received from our investors and from our landlords in the restructuring of our restaurant portfolio.

"This has stabilised the business and given us the opportunity to restore and re-invigorate this great brand and we are very encouraged by the work we have undertaken to improve every facet of the business - including food quality and restaurant environments, and are pleased by the very strong and positive reaction to our initial investments."

Carluccio's secures £10m investment in existing sites>>

Carluccio's creditors approve CVA and closure of up to 30 sites>>

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