The company behind the Fridays restaurant chain has sparked concern among investors after delaying its annual results pending discussions with its banks. 

Shares of Hostmore, which traded at 147p at its demerger from Electra Private Equity in November 2021, fell by a further ¾p, or 5 per cent, to 13p, valuing the company at less than £17 million.

The announcement follows the resignation of Robert Cook, 57, as chief executive and the subsequent retirement of Gavin Manson, 57, as chairman. Julie McEwan, chief operating officer of Fridays, has become interim boss, while Stephen Welker, 39, a non-executive director and partner at Sherborne Investors Management, will be chairman.