Owner of UK’s Giraffe and Ed’s Easy Diner shuts 27 eateries in survival plan
Boparan Restaurant Group CEO says rising costs, market saturation and softening demand have led to the closures
Bengaluru — Boparan Restaurant Group (BRG) will close more than a third of its Giraffe and Ed’s Easy Diner outlets in a deal that seeks to shore up the future of the two chains, BRG and its advisers said on Monday. The company will close 27 of the 70 sites owned by subsidiary Giraffe Concepts and reduce the rent on a further 13 restaurants, said KPMG partner Will Wright, who will supervise the deal, called a company voluntary arrangement (CVA) with creditors. The moves are the latest evidence of weakness among British casual dining companies, a number of which have either gone out of business or announced plans to shut shops this year, as they struggle with subdued consumer spending and online competition. “This CVA seeks to address the cost of the company’s leasehold obligations across a number of unprofitable sites, and if successful, will put the business on a surer financial footing,” Wright said. Sky News earlier reported details of the closures, saying hundreds of jobs would b...
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