Falling restaurant sales

GARFUNKEL’S owner The Restaurant Group saw a fall in sales due to a weaker UK dining market.

The company, which also owns brands including Frankie & Benny’s and Chiquito, suffered a 3pc drop in like-for-like sales in the 52 weeks to December 31, while total sales slumped by 1.8pc.

It had tried to revamp its business but cut prices after this failed. The company held steady on 2017 profit guidance despite weaker revenues, saying the figure would be in line with current expectations.

It also stood ground on its 2018 sales forecasts, as it ramps up an efficiency drive that it says has resulted in a ‘fundamentally leaner’ business.

The overhaul has prompted a revamp of pricing, food quality and marketing, and pushed it to focus on expanding its pubs and concessions business.