TRG: Wagamama owner admits dining out will ‘never recover’ from Covid – but chains will not disappear from High Street
The chief executive of Wagamama‘s owner The Restaurant Group (TRG) has claimed that dining out will never be as popular as it was pre-pandemic – but reassured chains will not disappear from the British high street altogether.
“I don’t think the [casual dining] industry will never be quite as big as it was,” Andy Hornby, head of The Restaurant Group (TRG) said,
However, the Wagamama chief squashed suggestions that mid-market restaurants would vanish due to the cost of living crisis, in an interview with The Telegraph.
Hornby, who also heads popular eateries such as Frankie & Benny’s, told the outlet that people were still “prepared to spend money on good quality food and drink” as he argued that “good performing, well-run food and drink operators do have a good future in this country”.
The reassurance comes as the UK’s restaurant market has faced unprecedented challenges over the past three years, largely fueled by the Covid-19 pandemic and now the cost-of-living crisis.
The listed restaurant group, which also owns Frankie & Benny’s, said that it will look to convert a handful of sites to Wagamama restaurants – its most popular brand.
Speaking at the time, Hornby said: “Current trading has been very encouraging to the great credit of our teams who continue to ensure our customers receive the best experience possible.”