Sales looking up at Chez Gérard owner

Paramount, owner of the Chez Gérard and Livebait restaurant chains, has reported a 5.6% rise in like-for-like sales for the year to 30 June.

In a trading update today the company said the period "has seen the business continue to deliver against its turnaround plan in reducing its overall cost base and driving revenue opportunities."

In the six months to 31 March the like-for-like sales increase was just 2.8%.

Chief executive Nick Basing added: "The turnaround programme has now been virtually completed and the group is actively looking for strong locations to expand our brands."

Paramount is currently subject to a bid to take it private led by its own executive chairman, Guy Naggar.

The company said today: "The potential offerors have also indicated their intention to negotiate with the existing management team for their participation in any offer."

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