The accelerator effect continues...
The inevitable wave of closures and associated redundancies has begun, with The Restaurant Group’s announcement that it will close 120 sites (mainly Frankie & Benny’s). This is yet another example of the ‘accelerator effect’ of the coronavirus pandemic, as the group announced six months ago that it would close this number of sites over the next few years.
Sadly, many more redundancies are expected industry-wide as brands review balance sheets and the effects of the reduced government support as the furlough scheme begins to wind-down.
Meanwhile, the industry is fervently lobbying the government to reduce the 2 metre social distancing rule to 1 metre; this reduction will make the difference between survival and closure for many operators.
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