Belt tightening hits Restaurant
RESTAURANT GROUP, the retailer behind Garfunkel’s and Frankie & Benny’s, yesterday warned of falling revenues.
Sales were down three per cent year-on-year between January and October despite the opening of 17 new eateries. The company said rising unemployment, tight credit markets and high levels of household debt had made 2009 a “challenging” time to run a consumer-facing business.
However, management said it was confident of meeting market expectations of around £42m for full year pre-tax profit.