Wagamama owner reveals 10 per cent of restaurants won't reopen before 2021
A UK restaurant chain owner has announced that 40 of its venues are “not expected” to reopen this year.
The Restaurant Group, which owns chains including Wagamama and Frankie & Benny’s, outlined its plans to reopen its 400 restaurants, saying that 10 per cent won’t open this calendar year.
This comes after the announcement that it will likely be closing more than 100 restaurants across the country, affecting 3,000 jobs.
In today’s statement, it also confirmed that it has received £50m in funding from Lloyds Banking through the government’s CLBILS scheme.
It has used £40m of the funds to reduce its commitments under its revolving credit facility, and is adding the additional £10m to its committed debt facilities.
The Restaurant Group commented: “As a result of recent corporate restructuring the revised trading portfolio of the group will comprise approximately 400 restaurants and pubs.
“The group has now started a phased reopening of its restaurants and pubs for eat-in trade in line with government guidance.
“We are very pleased to be able to welcome back our customers and colleagues ensuring that their safety is paramount, whilst maintaining an enjoyable experience.
“The diversified portfolio of the group allows each division to adapt to the challenges of social distancing uniquely, whilst keeping the customer at the heart of every decision.
“Our current reopening plans for the group are to have approximately 25 per cent of the total estate operational by the end of July, 60 per cent by the end of August and 90 per cent by the end of September, with the reopening phasing varying by division.
“The remaining 10 per cent of the estate is not expected to open this calendar year reflecting locations where footfall is anticipated to remain considerably weak (primarily in some airport locations).”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →