Restaurant Group shares hit record high as margins improve

 
City A.M. Reporter
BRITAIN’S Restaurant Group said yesterday it had the best new site pipeline in years after reporting rising organic sales and margins in the first 19 weeks of the year, sending its shares up 6.8 per cent to an all time high of 519p.

The chain, which owns over 400 restaurants and pubs in Britain, said it expected to open at least 30 new sites this year, the majority of which will be Frankie & Benny’s restaurants, and has more openings planned for 2014.

Adding to its portfolio of American-style eateries, Restaurant Group’s new Coast to Coast restaurants also performed particularly well, it said. Total sales rose by 11 per cent and like-for-like sales by 4.5 per cent.