A FAMILY favourite restaurant chain has put several branches at risk of closure after announcing plans to shut dozens of restaurants.
Frankie and Benny’s owner The Restaurant Group (TRG) revealed in March that it is considering shutting 35 sites over the next two years.
1
The group, which owns Wagamama and Chiquito, said some of its restaurant chains had been directly impacted by the cost of living crisis.
Up to three of the restaurants will be turned into branches of Wagamama.
The rest will be sold or the lease will be ended or left to expire.
The Sun has so far spotted three Frankie and Benny’s restaurants listed for sale by estate agents Savills.
While TRG didn’t confirm the sites were part of its closure plans, a spokesperson added: “We recently announced a review of our Leisure estate and confirmed that we will be looking to market a small number of freehold sites.
“We will keep our teams informed of any progress.”
Frankie and Benny’s restaurants in Spalding, Lincoln and Great Yarmouth are all available for sale as freehold.
Owning the freehold on a property means that you own it outright.
Most read in Money
All three sites are currently still open for business.
TRG currently has around 400 restaurants in total located up and down the country and around 18,000 staff.
It is hoped that the move to shut restaurants will shore up more cash for the group, which has been under pressure to boost profits.
Shares in the business have dropped to less than a third of pre-pandemic levels.
The group also previously told The Sun that it plans to open at least five Wagamama sites per year for the next three years.
TRG had to close hundreds of its restaurants as a result of the coronavirus pandemic.
At least 61 Chiquito restaurants were closed in 2020, with the loss of around 1,500 jobs.
It went on to close 125 of its other restaurants including a raft of Frankie & Benny’s locations.
It also completely shut down its Food and Fuel chain of pubs in London.
More high street closures
The high street has taken a battering in recent years as retailers struggle to stay financially viable following strict coronavirus lockdowns.
In December 2022, pub chain Wetherspoons announced it would be closing a total of 39 pubs after being hit by soaring inflation.
Plus burger chain Byron Burger fell into administration, immediately closing nine of its branches.
While B&M, Boots and B&Q are just some of the retailers that have been feeling the pinch and have closed some stores.
Here, we’ve put together a full list of shops closing branches in April.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
