So despite any fears of a slump, it turns out diners are spending more on eating out, according to the owner of the Garfunkel’s chain.
The Restaurant Group, who also owns the Caffe Uno and the Frankie & Benny’s chains, said that like-for-like sales are up 3 percent since the beginning of January as compared to last year.
In fact, "growth in 2004 was achieved despite strong competition and uncertainty over the sustainability of consumer spending, the London-based group said."
And, even with the opening of 29 restaurants, pre-tax profits rose by one-third to £24.7 million.
"TRG executive chairman Alan Jackson said that the group’s profits improvement was due to strong like-for-like growth, excellent returns from new restaurants, cost savings and lower interest charges."
TRG plans to open as many as 30 new sites this year, and is in talks to buy a "majority stake in bar operator Living Ventures."
‘This combination represents a very healthy background to our continuing profitable development.’
TRG plans to open as many as 30 new sites this year, and is in talks to buy a "majority stake in bar operateor Living Ventures."
"This combination represents a very healthy background to our continuing profitable development."