Richoux sees H1 revenues in line with last year; in talks over sale of London restaurant

29th Aug 2018 10:59

(Sharecast News) - Restaurant owner Richoux Group said on Wednesday that it expects revenues for the first half to be in line with the previous year as it continues to see pressure on trading.In an update for the 26-week period to 1 July ahead of its interim results next month, the group - which owns Villagio, Friendly Phil's, Zintino and The Broadwick brands - said it has seen continued pressure on trading, along with a number of other companies in the sector. In addition, trading was hit by temporary restaurant closures for conversion or refurbishment.Richoux expects revenue for the first half to be the same as last year, with a reduction in the level of losses."In view of these continued headwinds, the group has remained focused on cost reduction and, where necessary, refinement of both its brand and property portfolio," it said.It is currently in advanced negotiations regarding a potential lease sale for one of its restaurant locations in Central London. Richoux said that while there can be no certainty that the sale will proceed, nor as to the final terms, it is expected to generate net proceeds of around £1.35m.