Richoux Group, the owner and operator of 18 sites in the south, has provided a trading update for the half year period ended July 1, giving insight into the sale of a London-based restaurant.
The group, which consists of the Richoux, Villagio, Friendly Phil’s and The Broadwick brands, has ‘remained focused’ on cost reduction and has consequently announced it is in advanced negotiations regarding a potential lease sale for a central London restaurant.
It is expected that the sale would generate net proceeds of approximately £1.35m.
In line with the group’s guidance at the time of the final results in May 2018 and similar to a number of other companies in the sector, the group has seen continued pressure on trading during the six-month period.
When looking at the group’s current cash position, as highlighted earlier in the year, the group intends to raise approximately £1.1m by way of a subscription at a price of 6 pence per ordinary share.
As part of the update Richoux announces that the Group intends to publish its interim results on September 28.
The Richoux brand was established in 1909 and has most of its restaurants in and around central London.