"Central to the overhaul is the extension of the £500 million restructuring of Whitbread's food and beverage arm. The group will now go further, replacing all 197 of its remaining branded outlets with what it described as 'a more efficient integrated restaurant' format."
"Whitbread, which currently owns the freeholds of roughly half its hotels, will recycle £1.5 billion of property to fund future growth and trim net capital expenditure by more than £1 billion over the next five years."
Whitbread plans to close its chain of branded restaurants and implement a sale-and-leaseback program for £1.5 billion of hotel freeholds, risking 3,800 jobs. The company aims to improve returns and protect margins after increased business rates and national insurance contributions. A new five-year plan targets a £275 million profit increase and £2 billion in shareholder returns. The restructuring of the food and beverage arm will further transition 197 branded outlets into a more efficient format, impacting food and beverage sales by up to £160 million this year.
Read at Business Matters
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