The Restaurant Group reveals return to pre-pandemic sales
The group revealed that both its Wagamama and pubs sites have traded at roughly 85% of comparable 2019 sales levels since the return of outdoor hospitality
The Restaurant Group has confirmed a return to pre-pandemic levels of trading since the easing of restrictions across the UK.
The owner of Wagamama, Frankie and Benny’s, and Chiquito claimed that “no meaningful ‘like-for-like sales’ comparisons” can be made for the first 20 weeks of FY21.
Instead, the group revealed that both its Wagamama and pubs sites have traded at roughly 85% of comparable 2019 sales levels for the five weeks since outdoor hospitality reopened to 16 May.
The Restaurant Group’s 130 trading Wagamama venues and 75 pub sites also represented an approximate 15% outperformance of the market for the same period.
Moreover, for the three weeks since indoor dining reopened in Scotland to 16 May, Wagamama’s seven trading restaurants saw a 22% spike in sales when compared to 2019.
As for results following the resumption of indoor hospitality throughout the UK on 17 May, the company now has 350 sites open representing 95% of its portfolio.
The group said: “The board has been very encouraged by the trading performance seen so far in 2021.
“While the environment for the remainder of the year continues to remain uncertain, the group is well positioned across its diversified brand portfolio to benefit from the sustained removal of government restrictions.”
Wagamama’s owner also revealed the completion of its refinancing, and has £450m of new debt facilities having drawn down £330m of a term loan facility on 17 May.
