Clapham House £24m hit as it puts Tootsies sale on menu

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The company, which also owns the Gourmet Burger Kitchen and The Real Greek chains, wiped £24.2 million off the value of the 23 Tootsies sites, pushing it to a pre-tax loss of £26.2 million for the year to the end of March.

"The writedown gives us flexibility with what we do with Tootsies in the future," said chief executive Paul Campbell.

There has been intense speculation that Clapham House is planning to sell the shopping centres-focused chain, which is considered the weakest brand in its portfolio. Analysts say a sale would be difficult, given the tight credit markets, but that it would increase private-equity interest in the group.

The goodwill writedown came as Clapham House said sales growth had slowed to 6% between April and June despite the company offering more promotions — such as two-for-one deals — to keep the tills ringing.

But Campbell said its central London eateries were its star performers, especially those in Soho, the West End, Covent Garden and the South Bank, thanks to tourists coming to London to enjoy the weak pound.