Wagamama owner to close restaurants as surge in costs drives annual loss

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The company said it was aiming to cut its leisure estate by about 30% to between 75-85 sites by 2024 from 116 sites at present.Restaurant Group, which has come under pressure from investors in recent months, said the 35 sites earmarked for closure were all loss-making and would be shut as leases expired over the next three years.Cost pressures have already accounted for a reduction in the store estate.

On a statutory basis, pre-tax profits of £20m were wiped out by a provision for the closure of sites.

I'm betting quite a proportion will be Chiquito's and Frankie & Bennies. I actually like them, but their prices are way above what they should be for their offering.

They got a lot of us into the cuisine. One of their problems now is that lots of independents in most cities do the same cuisine better and cheaper.

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