Frankie and Benny’s to close 125 restaurants – 3,000 jobs in peril
Frankie and Benny’s is to close 125 restaurants in the UK.
Up to 3,000 jobs are in jeopardy.
Its owners, The Restaurant Group (TRG), said the hospitality industry was facing “well documented” problems because of coronavirus and lockdown.
The company is looking to renegotiate rental terms with landlords under a Company Voluntary Arrangement (CVA).
If a deal can be struck TRG will keep about 160 sites.
Andy Hornby, chief executive said:
“The issues facing our sector are well documented and we have already taken decisive action to improve our liquidity, reduce our cost base and downsize our operations.
“The proposed CVA will deliver an appropriately-sized estate for our leisure business to ensure we are well positioned, despite the challenging market conditions facing the casual dining sector.
“I would like to wholeheartedly thank all of my TRG colleagues for their continued understanding and extraordinary commitment during this unprecedented period.”