Richoux Group, the Jonathan Kaye-led listed restaurant group, has reported revenue down 10.3% in the 26 weeks to 1 July compared to the comparable 28-week period last year.

The group recorded a loss of £750,000 – improving on the £900,000 loss recorded last year. The net loss for the half-year was £980,000. The company had £1m in cash at the period end, compared to £4.7m in H1 2017, but has subsequently completed a subscription to raise a further £1.09m.

The group currently has eighteen operating restaurants, which operate under the Richoux, Friendly Phil’s, Villagio and The Broadwick brands.

One underperforming site was disposed of during the six months with a further two rebranded. As reported by MCA last month the group took on two former Prezzo sites – in Maidenhead, and Radlett – for it’s the Broadwick.

This morning’s trading update said the latter concept, which is now up to four sites, was so far showing encouraging early signs.

On the outlook, chairman Simon Morgan said: “As indicated in our trading update on 29 August 2018, in line with a number of other companies in the sector, the Group has seen continued pressure on trading during the period, with further impact from temporary restaurant closures due to conversion or refurbishment. In view of these continued headwinds, the Group has remained focused on cost reduction and, where necessary, refinement of both its brand and property portfolio. We do not expect to see any material improvement in trading over the balance of the current financial year.

“The group had been in negotiation regarding a potential lease sale for one of the Group’s restaurant locations in Central London. However, we have concluded that the disposal of this lease on the terms available is not in the best interest of the Group at this time and we have terminated those negotiations.