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Richoux Group makes loss after impairments on struggling sites

23 September 2011 by
Richoux Group makes loss after impairments on struggling sites

Casual-dining operator Richoux Group has seen its turnover leap 62% in the first half of 2011, but the company slipped into a loss for the period.

The firm, which owns and operates Richoux, Zippers, Dean's Diner and its new Villagio concept, made a £2.6m pre-tax loss, compared with a £441,000 pre-tax profit in the same period in 2010.

The loss related to a £2.33m impairment for a disposed-of Zippers site in Bexhill-on-Sea and six other sites which the company has determined "to be trading sufficiently below expectations for impairments to be required".

The group, which has 15 sites, said its four core Richoux-branded restaurants in central London continued to trade profitably and that it was focusing on trying to improve and develop its other concepts while continuing to assess their longer-term viability.

Villagio, the newest concept in the group, is being trialled in four sites.

There is just one Zippers site left, in Chatham, after Zippers in Andover and Barnet were converted to Villagio.

There are six Dean's Diner sites, with a new site opening during the period in Port Solent. A further site is expected to open in Braintree in October 2011.

Richoux moves into profit after seven site openings >>

Richoux Group raises £2m to fund expansion >>

Richoux Group to develop Zippers and Frankie's Easy Diner concepts >>

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

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