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The Restaurant Group reports promising revenues for 2011

29 February 2012 by
The Restaurant Group reports promising revenues for 2011

The Restaurant Group (TRG) saw revenues increase by 7.25% for 2011, despite what it describes as a weak economic backdrop.

The company behind restaurant brands Garfunkel's, Chiquito and Frankie and Benny's, as well as pub brand Brunning and Price, said total sales grew to £487m (2010: £454m) for the 52 weeks to 1 January 2012, with pre-tax profit up 12% to £60m.

The like-for-like sales figures were reported to be up 3.235%.

TRG opened 25 new restaurants last year, which created more than 500 new jobs and contributed to a strengthened position in the market and generated significant increases in cashflow, the company said.

"The performance of our recent years' openings has been outstanding and this bodes well for the future," commented chief executive Andrew Page. "This year we will open between 25 and 30 restaurants."

TRG's key criteria to grow its estate are to open in locations with high barriers to entry, good growth prospects and the likelihood of high return on investment. In particular, the focus is on edge of town, out of town, rural, semi-rural and airport locations.

The company said that with many households experiencing a squeeze on funds available for discretionary spend, it had opted to avoid heavy discounting and promotions, and preferred to focus on offering value, choice and consistency of service and standards.

The Restaurant Group targets 25-30 new openings in 2012 >>

Like-for-like sales rise at the Restaurant Group despite weak consumer confidence >>

By Janie Manzoori-Stamford

E-mail your comments to Janie Manzoori-Stamford here.

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