The owner of popular restaurant chains Wagamama, Frankie & Benny's and Chiquito is to shut 23 venues across the UK by the end of this month.

The Restaurant Group (TRG), which owns the popular brands announced the news today (Tuesday, May 2) when it brought forward its plans.

The group said it was shutting a number of loss-making restaurants as part of cost-cutting measures.

It has not yet been revealed which exact locations will close, however, it has been said that the restaurants will be shut by the end of May.

Swindon Advertiser: (PA) Wagamama, Frankie & Benny's and Chiquitos to close stores in May(PA) Wagamama, Frankie & Benny's and Chiquitos to close stores in May (Image: PA)

The news comes after it was announced in March that 35 loss-making locations would be shut to boost profits.

The latest announcement is expected to save the hospitality firm £5 million a year.

In a statement, TRG said: "The combination of current trading and incremental cost savings achieved provides confidence that TRG is tracking ahead of management expectations on its medium-term margin accretion and deleveraging plans."

TRG recently revealed that its sales grew by 9% at Wagamama over the four weeks to April 30.

Despite closing of a number of branches, the group said 'favourable' property market conditions were creating opportunities for the eatery to expand its brand.

TRG announced that it would accelerate plans to expand the chain with up to eight sites due to open next year.

Analysts at Barclays said: "The statement is strong across the board, with trading holding up well despite consumer spending headwind."