GARFUNKEL’S operator The Restaurant Group today said its “value” offering helped insulate the business from the worst of the consumer downturn.

The group, which has 354 restaurants and also trades as Frankie & Benny’s, Chiquito, Bluebeckers and Brunning & Price, described the festive season as “reasonable”.

While like-for-like sales for the seven weeks to December 28 were down on last year, the company said overall trading for 2008 was in line with its hopes.

It said sales for the 52 weeks were up 1.5%, compared with the rate of 2.5% reported in mid-November.

“This is a creditable performance resulting from the group’s distinctive market positions and value for money offerings,” the firm added.

Seymour Pierce analyst Hugh-Guy Lorriman noted that the company’s like-for-like sales growth had now dropped from 5% in the spring of this year.

However he added: “The group has avoided the worst - a profit warning based on the last quarter of trading.”

During the year, the group opened 40 new restaurants and expects to open between 18 and 25 in 2009.

Despite the reassurance over 2008 trading, shares were more than 6% lower as investors worried about the declining sales trend going into the new year.

The group’s cafes, bars and restaurants are focused on leisure complexes and retail parks, while it also has outlets in seven UK airports.