The Restaurant Group (TRG), the troubled operator of brands including Frankie & Benny's, Chiquito and Garfunkel's, has announced plans to turn around its business alongside the publication of its annual financial results, which show a drop in like-for-like sales of 3.9%.
While total revenue for the company was up 3.7% to £710.7m, adjusted pre-tax profit was down 11.2% to £77.1m.
Plans for the business, which put 23 sites up for sale in January, include re-establishing the competitiveness of its brands, serving customers "better and more efficiently", growing its pubs and concessions business, and buliding "a leaner, fast and more focused organisation".
Andy McCue, the chief executive office who replaced Danny Breithaupt who suddenly departed from the business in August 2016, said: "Having completed the strategic reviews of our brands, we are now pursuing a new and focused plan to turnaround and grow the business.
"TRG has significant scale advantages, a diverse portfolio of brands with strong brand awareness and is highly cash generative. However, there is much to change in our leisure businesses to provide customers with better value and an improved experience while, at the same time, ensuring we continue to grow our pubs and concessions businesses. It will take time to effect the scale of change required and for customers to respond but I'm proud of how our colleagues are rising to the challenge."
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