Restaurant chain downbeat on World Cup impact
INDIVIDUAL Restaurant Company, the AIM-listed group behind the Piccolino and Bar & Grill brands, and Birmingham’s Bank Restaurant, warned today the World Cup would hit trading next month.
The Manchester company, which has 33 restaurants – 22 Piccolino and 11 Bar & Grills said in a trading update ahead of its annual meeting, that while there have been some positive signs in the last month, the timing of England games will discourage diners from going out.
Despite evidence of sales improvement across the group this month – the best since late 2008, it said: “Nevertheless, consumer spending remains tight. Whilst the extent of the adverse effect of the football World Cup is difficult to predict, a number of England games are taking place during key trading periods.
“As a result trading for the first half will be impacted by the performance of the group during this period in June.”
Despite the soccer setback IRC’s board said it is confident that the business remains “well placed to take advantage of the opportunities which should arise if the current underlying trading trends are sustained”.
