Restaurant Group PLC - Update on banking facilities and reopening
The Restaurant Group plc
Increased flexibility in banking facilities, continued reduction in Board pay and update on estate reopening plans
Increased flexibility in our banking facilities
TRG is pleased to announce that we have accessed
Having accessed the CLBILS scheme, TRG have agreed the following amendments under our Revolving Credit Facility (RCF) with our lenders:
· Extended the term of the current RCF facility by six months to
· Received a covenant waiver for
· Reduced our commitments under the RCF by
Therefore, overall, TRG has added an additional
Board remuneration update
The Executive Directors and Non-Executive Directors have volunteered to take a 20% reduction in their base salaries or fees while the business continues to access the Coronavirus Job Retention Scheme. This follows on from the 40% reduction (20% for the CFO) that was volunteered from
Estate reopening plans
As a result of recent corporate restructuring the revised trading portfolio of the Group will comprise approximately 400 restaurants and pubs.
The Group has now started a phased reopening of its restaurants and pubs for eat-in trade in line with government guidance. We are very pleased to be able to welcome back our customers and colleagues ensuring that their safety is paramount, whilst maintaining an enjoyable experience. The diversified portfolio of the Group allows each division to adapt to the challenges of social distancing uniquely, whilst keeping the customer at the heart of every decision.
Our current reopening plans for the Group are to have approximately:
· 25% of the total estate operational by the end of July;
· 60% by the end of August; and
· 90% by the end of September, with the reopening phasing varying by division.
· The remaining 10% of the estate is not expected to open this calendar year reflecting locations where footfall is anticipated to remain considerably weak (primarily in some airport locations).
The Group will next update the market at its Interim results on 6th
0203 117 5001
07885 224 532 / 07709 496 125
This information is provided by RNS, the news service of the
Quick facts: Restaurant Group PLC
Market Cap: £291.71 m
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