Premier Inn owner Whitbread announced plans to exit 126 under-performing branded restaurants on Tuesday, resulting in a reduction of about 4%, or 1,500 roles, in its UK workforce.
Still, the company announced a 26% rise in its final dividend and said it planned to buy back shares worth £150 million pounds (€175.7 million).
Whitbread
Whitbread said its food and beverage (F&B) division saw a 2% sales dip in the seven weeks to April 18, hurt by lower demand at its branded restaurants.
It is undertaking a set of measures at its F&B division to improve business, including the job cuts and reorganising certain branded restaurants, the company added.
UK And Germany
For the full year, however, the hotel-chain company posted a 36% rise in annual profit, helped by strong demand in the UK and Germany.
The company reported annual group pre-tax profit of £561 million (€657 million), slightly below average estimates of £565 million (€661.8 million), according to a company-compiled consensus.
