XII I II III IIII V VI VII VIII IX X XI

Chiquito restaurants go into administration

Business / Fri 27th Mar 2020 at 09:58am

THE owner of Chiquito restaurants has put the chain into administration, as it struggles to cope with the fallout from the coronavirus outbreak on the business.

The Restaurant Group, which also owns Wagamama and Frankie & Benny’s, said it would also shut its Food and Fuel chain of pubs in London.

There is a Chiquito on Edinburgh Way.

Around 1,500 jobs are likely to be affected and the move comes less than a week after the company said sales plummeted 12.5% over two weeks.

A total of 60 Chiquito sites will remain shut.

A spokesman said: “Covid-19 has had an immediate and significant impact on trading across the Group.

“We have conducted a review of the performance of our business divisions, with a particular focus on the expected future cash generation profile of each of our business units.”

He added that both groups are expected to hit losses this year, “as a result, the Group has taken the very difficult decision to appoint administrators for Food & Fuel Limited and filed a notice of intention to appoint an administrator for Chiquito Limited.

“The decisions have been incredibly difficult and we recognise the significant impact on all of our colleagues that are affected.

“We thank them for their hard work and commitment during these very testing times.”

2 Comments for Chiquito restaurants go into administration:

RayMo
2020-03-27 11:33:02

10 minutes of lockdown and they close up shop. How near the knuckle do come businesses operate? They close because it suits them to close.

durcant
2020-03-28 09:39:04

Ray your information is wrong the parent company a number of months ago posted a warning that this chain and others were under significant review and were threatened with closure. Our restaurant was successful and popular but is part of a wider and global chain. They had to close short term regardless. Painful and sadly reflection on the global economy and a great loss to Harlow. Just hope the staff can find alternative jobs once we get through this current crisis. They are a business they open a business to make profit and they close when they are making a loss. It business.

Leave a Comment Below:

Your email address will not be published. Required fields are marked *