'This appears to be a shrewd way to optimise the current real estate footprint' Derren Nathan, head of equity research at financial services company Hargreaves Lansdown, said: 'Whitbread's served up a set of record beating results for the 12 months ending 29 February 2024. Premier Inn UK has continued to outperform the rest of the market and management are seizing the opportunity to convert 112 restaurants into 3,500 new room extensions.
'This appears to be a shrewd way to optimise the current real estate footprint and a capital efficient method to help reach the 2029 target of an estate of at least 97,000 rooms. 'Food & Beverage is struggling so far this year, with sales two per cent behind last year and it's some of these weaker performing branded restaurants, which include the likes of Beefeater and Brewers fayre, that Whitbread has put forward for conversion.
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