"No consistent improvement in trading conditions" for Richoux Group

29 September 2017 by
"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.

Richoux Group disposes of five sites after reporting £6.7m loss >>

Richoux hires Jonathan Kaye as chief executive >>

Richoux Group MD resigns with immediate effect >>

Richoux Group set to hit 25 sites >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

The Caterer Breakfast Briefing Email

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

Sign Up and manage your preferences below

Check mark icon
Thank you

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

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking