Wagamama sales boost for Restaurant Group
Restaurant Group, which owns Frankie & Benny’s, has reported that sales were boosted thanks to its newest acquisition, Wagamama, which enjoyed strong trading over the festive period.
Total sales for the group were up 1% but like-for-like sales on the same period last year were down 2%. The acquisition of Wagamama was completed on 24 December 2018.
However, the group said it had delivered like-for-like sales growth since the World Cup in the summer of last year, with its pubs business and concessions “trading strongly”.
Its leisure business was impacted by “weaker cinema admissions” in December however.
Chief executive Andy McCue said, “2018 has been a pivotal year for the group in which we have opened a record number of new sites in both our pubs and concessions businesses as well as acquiring an extremely high-quality business in Wagamama.
“The enlarged business is now orientated strongly towards growth with a number of exciting opportunities ahead.”