Shares across the restaurant sector were hit today after Tootsies owner Clapham House Group said dampened consumer spending and higher costs will knock its performance this year and next.
The group, which owns the outlet at the Oxford Castle as well as the recently opened Gourmet Burger Kitchen in the city's George Street, warned growth would be "significantly" below expectations for the years ending March 2008 and 2009, sending shares diving by more than 46 per cent.
An uncertain economic outlook, potential food price hikes and lower consumer confidence were expected to hit results, according to the group.
Shares across the restaurant sector fell as Clapham House spelled gloom for casual dining firms.
The Restaurant Group, owner of Frankie & Benny's and Garfunkel's, saw the value of its shares dive 12 per cent, while Italian chain Prezzo's tumbled nine per cent.
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