Restaurants operator Richoux Group continues to lose money and it is running short of cash.
Richoux is disposing of sites and the number of restaurants will be reduced to 12. Richoux is trialling a modern local Italian restaurant concept called Villagio on three of its sites.
Costs are rising and demand could come under further pressure. Richoux will lose money even before a £2.3m impairment provision.
There is around £400,000 in the bank with a further £900,000 coming from the disposal of a freehold kitchen. A cash raising may still be necessary.
The full year figures will be published in April.
At 7p a share, Richoux is valued at £4.69m.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.