The Clapham House Group PLC the parent company of three famous restaurant chains; Gourmet Burger Kitchen, Tootsies and The Real Greek is struggling to keep it's head above the water.
The restaurant owner swung to a heavy fiscal 2009 pretax loss after a £24.2 million non-cash, write-down on the value of Tootsies.
Gourmet Burger and Tootsies have gained a cult like status among the under 30s in major cities like London.
The Clapham House Group PLC have suggested that they may well sell Tootsies to alleviate its financial loses.
Its Gourmet Burger Kitchen chain has been more robust and Clapham said it "remained convinced of the strong and profitable expansion potential for the division in the UK".
It opened six Gourmet Burger Kitchen's and two new The Real Greek eateries in the year to the end of March, but remains cautious over openings amid the recession as it continues to hold back consumer spending.
Despite an ongoing lack of consumer confidence, Clapham House said sales in the first quarter had risen 6%, although it did not provide a like-for-like figure. Full-year revenues rose 16.7% to £62.2 million, driven largely by its Gourmet Burger Kitchen outlets, according to Clapham House.
(Source: PA)
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