All The Restaurant Group (TRG) articles – Page 5
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Analysis & InsightJP Morgan on The Restaurant Group
JP Morgan has downgraded its revenue forecasts for The Restaurant Group (TRG) as the likelihood of significant restrictions continuing past the first quarter of this year increase; but it remains positive about the group’s expansion prospects, particular through Wagamama.
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News
TRG appoints new non-exec director
The Restaurant Group (TRG) has appointed Alex Gersh as a non-executive director. He will join the board on 23 February 2021 and will become a member of both the audit and nominations committees.
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NewsLeading operators come together to establish Zero Carbon Forum
Burger King, Brewdog, Nando’s and The Restaurant Group are among leading hospitality operators who have come together to establish the Zero Carbon Forum.
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NewsTRG hopes to move forward with airport sites
The Restaurant Group is hoping to press ahead with plans to open four new sites in 2021 at Manchester Airport, though opening dates will depend on a return of passenger numbers in the new year, MCA understands.
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InterviewsRestaurant Group CEO Andy Hornby: TRG is emerging stronger and leaner
Under normal circumstances, any CEO of a restaurant group posting a half-year loss of over £200m would be gone. But these are not normal circumstances. So despite that huge fall in pre-tax profits, over half of which was down to restructuring costs, The Restaurant Group CEO Andy Hornby believes the 400-site business is in “good shape, all things considered. You have to judge your performance in the context of what’s going on around you.” Has there ever been context as chaotic as this? “It’s such a strange period,” says Hornby, and it’s fair to say that sales and profits have been so wildly skewed by the events of the last few months that judging any operation by the numbers over the last six months feels pointless.
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NewsAnalysts Verdict: The Restaurant Group
J.P. Morgan: We expect a positive market reaction to Restaurant Group’s 1H results. The Group shows it is taking decisive action with its restructuring plan exiting underperforming sites and agreeing improved rental terms with landlord and airport partners. Trading performance post-lockdown is encouraging with Wagamama and Pubs seeing solid LFL growth and outperform their markets, while Leisure has traded in line with the market, and Concessions’ sales being ahead of the passenger declines. In response to COVID-19, costs have been reduced and liquidity has been improved with ND of c.£311m being better than management earlier anticipated. We update our model, reducing forecasts and hence lower our Dec-20 DCF based price target to 110p. Remain OW.
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NewsTRG hopes to be “one of the long-term winners” with 40% retained estate
The Restaurant Group has reported “very encouraging” post-lockdown trading as it hopes its 60% estate reduction will allow it to emerge as “one of the long-term winners.”
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NewsTRG revises remuneration policy
The Restaurant Group has announced its intention to replace its performance-based long-term incentive plan (LTIP) with a restricted share plan. The company’s existing remuneration policy is set to expire in 2021, but given the “exceptional events” of 2020 related to the pandemic, the committee has decided to accelerate its review and has recommended a new plan “which is better aligned to the long-term interests of the company and its shareholders.”
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NewsTRG director leaves amid leisure restructure
The Restaurant Group divisional MD Nick Shelmerdine has left the group following the downsizing of its leisure divisions.
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NewsTRG secures £50m through CLBILS
The Restaurant Group has secured a loan of £50m through the Coronavirus Large Business Interruption Loan Scheme (CLBISL) as it looks to increase flexibility in its banking facilities.
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NewsTRG successful in CVA bid
The Restaurant Group has confirmed that its proposed CVA for its leisure estate has been approved. It said over 82% of all creditors voted in favour of the proposal (75% approval required) and over 65% of the unconnected creditors voted in favour of the proposal (50% approval required).
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NewsTRG launches CVA to close 125 sites
The Restaurant Group has announced a proposal to enter a company voluntary arrangement (CVA) for its leisure estate.
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NewsTRG to close up to 120 sites
The Restaurant Group is to permanently close between 100 and 120 of its leisure brands sites.
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Analysis & InsightGoodbody on The Restaurant Group
While Restaurant Group has faced a number of well documented challenges before the advent of the current coronavirus crisis took hold, including the oversupply of branded restaurant chains in the UK, cost inflation, high rents and struggling legacy brands, the closure of the sector for a quarter has presented a ...
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NewsTRG models ‘pessimistic’ slow recovery scenario
The Restaurant Group has modelled a “pessimistic scenario” for the current financial year, which would see 400 of its sites reopened gradually between July and December.
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NewsTRG raises £57m in share placing
The Restaurant Group has raised £57 million following the succes
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NewsTRG downsizes exec pay and operations
The Restaurant Group has announced an extension to its lending facilities, executive pay cuts and a downsizing of its board.
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NewsTRG: no plans to put any more brands into administration
The Restaurant Group has no current plans to put any more of its brands into administration, MCA understands, including Frankie & Benny’s, Brunning & Price and Wagamama. Last week TRG filed a notice of intention to appoint an administrator for Chiquito, which makes up part of its 350-strong leisure arm ...
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NewsTRG to place Chiquito in administration
The Restaurant Group-owned brand Chiquito has filed a notice of its intention to appoint administrators, suggesting it may be the first big restaurant group to collapse because of coronavirus, the Times reports.