BUSINESS LIVE: TRG to sell loss-making Frankie & Benny’s unit

The Restaurant Group has agreed to sell its loss-making leisure business, which houses the Frankie & Benny’s and Chiquito brands, to Cafe Rouge owner Big Table Group.

TRG will pay £7.5miliion to Big Table as part of the deal.

Andy Hornby, CEO of TRG, said:

‘A sale of our Leisure business significantly accelerates our medium-term strategic plans to increase Adjusted EBITDA margins and reduce leverage.

‘On behalf of TRG, I would like to express our massive thanks to the extraordinarily hardworking and dedicated teams across the Leisure business who have made huge improvements in the customer proposition over the last few years. We wish them all well as part of the Big Table Group.’