"We'll emerge as long-term winners": Wagamama owner confident following restructure
The owner of a UK restaurant chain has said that trading has been “very encouraging” since reopening.
The Restaurant Group (TRG), which owns Wagamama, said that the chain has seen an 11 per cent increase in sales post-lockdown compared to the same period last year.
TRG’s portfolio of pubs also saw growth, with 14 per cent higher sales than last year - which the company said outperforms the competition by 20 per cent.
However, its concessions - restaurants and outlets at travel hubs - have experienced a sales dip of 58 per cent, driven by lower commuting figures.
In today’s statement, TRG also reaffirmed the extent of its restructuring program, with an expected 400 retained estates by the end of this year, down by 253.
Andy Hornby, CEO of TRG, commented: “It has been an extraordinary and difficult period for the hospitality sector but one in which we have pulled together to achieve a great deal.
“The priority throughout has been the safety of our colleagues and customers, and we have also accelerated the reshaping of our portfolio, resulting in a higher quality, diversified estate.
“Since reopening, I am genuinely pleased with the strength of our trading performance and would like to sincerely thank each and every one of our colleagues for their extraordinary efforts.
“Whilst the sector outlook is uncertain, and we are mindful of recent restrictions across the UK, we are confident that the actions we have taken provide us with strong foundations to emerge as one of the long-term winners.”
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