Search
The Caterer

Frankie & Benny's pushes TRG profits up by 30%

09 March 2005 by
Frankie & Benny's pushes TRG profits up by 30%

The Restaurant Group's (TRG) full-year profits have soared by almost 30%, thanks to a sparkling performance from its Frankie & Benny's restaurants.

The American-Italian restaurants saw like-for-like sales increase by nearly 8% last year, contributing £97.4m to the group's coffers - almost a fifth of turnover.

!
Frankie & Benny's: new restaurants planned
Building on this success, TRG will open 20 new Frankie & Benny's this year at retail and leisure parks across the country. This will include the chain's 100th UK store. The group was also cheered by a strong recovery at its Chiquito Mexican restaurants, which increased profits by 40% and contributed £27.2m in sales. Improved performance followed the introduction of a new management team in 2004. While the company's airport concessions performed strongly its high-street division - including Est Est Est and Caffé Uno - had a tougher time. Like-for-like sales were down by 2.1% at Est Est Est and by 1% at Caffé Uno. It is likely that the struggling Est Est Est brand will be sold to high-street bar operator Living Ventures. In the same deal, TRG is believed to be buying a 55% stake in Living Ventures and backing a roll-out of the group's brands, which include Living Room, Prohibition and Mosquito. Turnover at TRG in the year ended 31 December 2004 increased 12.3% to £255.4m, and pre-tax profit was up by 28.4% to £24.7m. Company net debt was reduced by £27m to £11m. TRG said current trading was encouraging, with like-for-like sales up 3%. by Chris Druce Buy this week's *Caterer* magazine for more industry news and analysis
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!