1. UK’s Restaurant Group to sell or shut 33 sites

UK’s Restaurant Group to sell or shut 33 sites

Britain's Restaurant Group, the struggling owner of the Frankie & Benny's chains that ousted its chief executive earlier this month, said on Friday that it identified 33 underperforming sites for sale or closure.

By: | Published: August 26, 2016 12:53 PM
The group, which operates over 500 restaurants and pubs in the UK's casual dining sector, said it would take an exceptional charge of 59.1 million pounds (.1 million) in the first half from the prospective site closure and 29 site asset value impairments. (Reuters) The group, which operates over 500 restaurants and pubs in the UK’s casual dining sector, said it would take an exceptional charge of 59.1 million pounds (.1 million) in the first half from the prospective site closure and 29 site asset value impairments. (Reuters)

Britain’s Restaurant Group, the struggling owner of the Frankie & Benny’s chains that ousted its chief executive earlier this month, said on Friday that it identified 33 underperforming sites for sale or closure.

The group, which operates over 500 restaurants and pubs in the UK’s casual dining sector, said it would take an exceptional charge of 59.1 million pounds ($78.1 million) in the first half from the prospective site closure and 29 site asset value impairments.

Operating profit for the 27 weeks ended July 3 fell 4.4 percent to 37.5 million pounds. ($1 = 0.7567 pounds)

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