City Centre Restaurants, the troubled group that runs the Deep Pan Pizza and Garfunkels chains, took a hit of £20m in its accounts yesterday as it wrote down the values of its poorer-performing brands.
The move was part of a strategy to focus on fewer brands so management could spend its time more effectively, City Centre said, as it revealed its full-year results.
New chairman Alan Jackson said this would involve the disposal of non-core operations. Agreement had been reached to sell OK Diners to management.
The news came with the announcement of pre-tax profit before exceptionals down from £18.08m to £15.97m on turnover up from £205.29m to £217.61m.
Garfunkel's turnover climbed 9.3% and profits 6.5%. Like-for-like sales rose 3.7%. Turnover and profits at Chiquito's 28 Mexican restaurants were broadly in line with 1999 with like-for-likes down 2.2%, mostly because of closures for refurbishments.
Frankie & Benny's 60 outlets reported a 33% rise in profits and a 42% rise in turnover. Like-for-likes moved forward 1%. Overall like-for-likes declined 3.5% at Caffe Uno. Turnover climbed 3.6% but profits fell 15.2%. New management are in place and a strategy to improve performance. Est Est Est also fared poorly with profits down 22.3% and like-for-likes down 3.1% although turnover climbed 8.5%.
Turnover at Wok Wok rose 28%, but profits fell 2.9% and like-for-likes slipped 2.9%. Deep Pan Pizza posted a loss which was put down to the nine restaurants sold during the year and the six outlets not considered to be part of the core estate.
OK Diners, was marginally profitable but was
considered non-core.
The group announced plans to open 15 new restaurants in the current year and 22 in 2002. Twelve of this year's new openings will be Frankie & Benny's outlets.
Former chairman, Henry King, will retire from the board in July.
The move was part of a strategy to focus on fewer brands so management could spend its time more effectively, City Centre said, as it revealed its full-year results.
New chairman Alan Jackson said this would involve the disposal of non-core operations. Agreement had been reached to sell OK Diners to management.
The news came with the announcement of pre-tax profit before exceptionals down from £18.08m to £15.97m on turnover up from £205.29m to £217.61m.
Garfunkel's turnover climbed 9.3% and profits 6.5%. Like-for-like sales rose 3.7%. Turnover and profits at Chiquito's 28 Mexican restaurants were broadly in line with 1999 with like-for-likes down 2.2%, mostly because of closures for refurbishments.
Frankie & Benny's 60 outlets reported a 33% rise in profits and a 42% rise in turnover. Like-for-likes moved forward 1%. Overall like-for-likes declined 3.5% at Caffe Uno. Turnover climbed 3.6% but profits fell 15.2%. New management are in place and a strategy to improve performance. Est Est Est also fared poorly with profits down 22.3% and like-for-likes down 3.1% although turnover climbed 8.5%.
Turnover at Wok Wok rose 28%, but profits fell 2.9% and like-for-likes slipped 2.9%. Deep Pan Pizza posted a loss which was put down to the nine restaurants sold during the year and the six outlets not considered to be part of the core estate.
OK Diners, was marginally profitable but was
considered non-core.
The group announced plans to open 15 new restaurants in the current year and 22 in 2002. Twelve of this year's new openings will be Frankie & Benny's outlets.
Former chairman, Henry King, will retire from the board in July.
