The Restaurant Group Posts £32.2m Loss Despite Wagamama's Expansion
The Restaurant Group, which owns Wagamama, has reported a pre-tax loss of £32.2m for 2024, a significant increase from the previous year's £19.6m. Despite the loss, the group's revenue rose to £868.1m, boosted by the expansion of Wagamama.
The group's headcount reduced by over 2,000 jobs, from 17,542 to 15,468 in 2024. This was partly due to the sale of Frankie & Benny's in late 2023. The group attributed the job losses to the impact of the Autumn Budget on consumer sentiment and wage growth.
Wagamama, however, showed resilience with the opening of ten new locations in 2024 and plans to open six more in 2025. The group is focusing on food quality, customer service, and efficient cost management to maintain profit margins despite the challenging economic climate.
The Restaurant Group, now owned by Apollo Global Management, posted a pre-tax loss of £32.2m in 2024. Despite job cuts and economic headwinds, the group's revenue increased, driven by Wagamama's expansion. The group is committed to improving customer experience and managing costs to ensure future growth.
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