The Restaurant Group targets 25-30 new openings in 2012
The Restaurant Group is targeting 25-30 new openings in 2012, after it registered a 7.25% rise in turnover in 2011, along with a 3.25% rise in like-for-like sales.
In a statement ahead of its full-year results, the company behind restaurant brands Garfunkel's, Chiquito and Frankie and Benny's, as well as pub brand Brunning and Price, said it saw strong levels of like-for-like sales growth in November and December 2011.
The company opened 25 restaurants in 2011 and said trading at the new sites was ahead of expectations. New openings were ahead of the previous year with 25 new restaurants opened in 2011.
Andrew Page, chief executive of the Restaurant Group, said: "We faced challenging trading conditions in 2011 but, despite this, revenues were up by 7.25% and like-for-like sales were 3.25% higher. Our profits for 2011 were well ahead of those for the previous year and cashflow was also very strong. Last year we opened 25 new restaurants, creating more than 500 new jobs. These new openings are trading ahead of our expectations and this year we expect to open 25 to 30 new restaurants throughout the UK, which should create around 600 new jobs. Whilst we expect trading conditions to remain tough in 2012, the TRG team will be working to deliver another year of profitable progress."
TRG's full year results are set to be announced in May 2012.
By Neil Gerrard
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