Hostmore has announced Robert B. Cook has decided to step down as chief executive officer and as a director of the company with immediate effect.
Julie McEwan, currently chief operating officer of Fridays, has been appointed interim CEO.
She joined Fridays in February 2022 and, prior to that, was at Big Table, latterly as brand director of Las Iguanas.
She has previously held management roles at Spirit Pub Company, Premier Inn and Whitbread.
The board has initiated a search process, comprising both internal and external candidates, to find the best long-term candidate for CEO.
Gavin Manson, chairman of Hostmore, said: “On behalf of the board, I would like to thank Robert for his efforts as CEO over the past three years, particularly in steering the business through the Covid pandemic and in rebuilding the Executive Team, and we wish him well for the future.
“We are pleased that Julie has accepted the role of Interim CEO, given her strong sector experience and operational strengths. Together, we look forward to focusing on the Group’s priorities and building on its strengths in the weeks and months ahead.”
Robert B. Cook said: “I wish to extend my sincere gratitude and thanks to the board and the executive team for their support in my three years at the helm, and, most importantly, to thank all the team in the restaurants who pull on the red and white stripes every day and do such a sterling job for the brand.”
Meanwhile Hostmore provided an update on trading for the financial year ended 1 January 2023 and the December 2022 period.
On a statutory like-for-like basis, revenue for the 26 weeks ended 1 January 2023 continued at 14% below the comparative FY19 period.
This result was achieved despite the impact of Her Majesty the Queen’s passing, national rail strikes, the World Cup, and the unusually cold weather during the period.
The company generated revenue in December 2022 of £21.3m, slightly more than December 2021’s revenue of £21.2m.
After adjusting for the Government’s temporary decrease in VAT during December 2021, which had the effect of increasing revenue, LFL revenue in December 2022 was only 1% below December 2021.
The company’s consolidated net bank debt (pre-IFRS 16) at the year end was £29.5m, which has improved from the Company’s prior guidance of £32.5m for the quarter ended 2 October 2022.
The company’s next scheduled financial update is the preliminary results announcement for the year ended 1 January 2023 on 16 March 2023.
