City Centre Restaurant plans to sell brands
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City Centre Restaurant plans to sell brands

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City Centre Restaurants' loss-making Deep Pan Pizza brand has been put on the market again, alongside a possible further three of its seven brands following a dive in profits. In the year to 31 December 2000, pre-tax profits dropped from £18.1m to £16m, however the £21.6m exceptionals charge due mostly to the write-down of Deep Pan Pizza, took CCR to a loss of £5.6m. Individual brands fared differently, however, the CCR's original brand, Garfunkels, performing well with a 6.5 per cent rise in profits and a 4 per cent rise in like-for-like sales. Frankie and Benny's, located in out-of-town leisure parks, also performed encouragingly with a 42 per cent rise in profits on like-for-like sales up 1 per cent. The Caffe Uno brand performed most disappointingly, with a 15 per cent dive in profits and like-for-like sales down 3.5 per cent. Poor performance makes Caffe Uno a stronger contender for auction, alongside the Wok Wok and Chiquito's brands. Alan Jackson, who became chair only last week, says work needs to be done: City Centre has some excellent brands, but also some issues that need to be addressed. We will focus on fewer brands which will allow management to spend its time more effectively. CCR currently owns 307 restaurants across the UK, with 15 more opening this year and 22 earmarked for launch in 2002.

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City Centre Restaurants' loss-making Deep Pan Pizza brand has been put on the market again, alongside a possible further three of its seven brands following a dive in profits.
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