Chez Gerard has decided to sell its Livebait fish restaurant in Wandsworth, south London because of poor trading.
The announcement came at the company's AGM, where Neville Abraham, Chez Gerard's chairman, warned that the current recovery programme could lead to lower profit margins.
The programme has seen lower-priced dishes added to menus and cleanliness and service issues were being addressed.
Abraham said: "Since the year-end [30 June] overall consumer demand for restaurants has continued to remain depressed, especially in central London."
Abraham told shareholders that discussions were continuing with Paramount, which put in a £20.6m takeover bid for Chez Gerard in October.
Abraham maintained that there was "no certainty that the Paramount approach would lead to a firm offer for the group."
The announcement came at the company's AGM, where Neville Abraham, Chez Gerard's chairman, warned that the current recovery programme could lead to lower profit margins.
The programme has seen lower-priced dishes added to menus and cleanliness and service issues were being addressed.
Abraham said: "Since the year-end [30 June] overall consumer demand for restaurants has continued to remain depressed, especially in central London."
Abraham told shareholders that discussions were continuing with Paramount, which put in a £20.6m takeover bid for Chez Gerard in October.
Abraham maintained that there was "no certainty that the Paramount approach would lead to a firm offer for the group."
