Restaurant Group to axe as many as 3,000 jobs

Published by Ross Hindle on June 10th 2020, 9:09am

Just days after news of the job cuts at Bentley, Aston Martin and Lookers, more jobs have been announced by UK plc - this time in the hospitality sector.

The Restaurant Group, a London Stock Exchange-listed operator of popular chains such as Frankie & Benny's, Wagamama and Chiquito, warned a week or so ago that as many as 125of its outlets would be closing their doors permanently after the pandemic.

In line with this announcement, it has revealed today that it will be cutting up to 3,000 jobs, mainly across the Frankie & Benny's outlets.

A spokesperson for the firm described its current operating model as "unviable" given the impact of Covid-19.

The group is now looking to restructure through a partial insolvency procedure known as a CVA, or company voluntary arrangement. Other measures the company will undertake include renegotiating rental terms on some of its property assets.

CEO Andy Hornby described the current market state as "very challenging", but said the group was looking to "ensure it was well-positioned" going forward.

Other high street names to announce structural changes today include fashion group Monsoon Accessorize - comprising, among other brands, those two retail names - and Quiz Plc.

Yesterday, retailer Debenhams also announced it would be cutting some 300 jobs.

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Ross Hindle
Content Director
June 10th 2020, 9:09am

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