The Restaurant Group plc (the "Company") announces that Andy McCue, CEO, has informed the Board of his decision to leave the Company due to extenuating personal circumstances.
A search will commence immediately and we anticipate that Andy will remain in position while his successor is being recruited.
The Board would like to thank Andy for his significant contribution to the business and in particular for leading its transition into higher growth areas, including the recent acquisition of Wagamama. We are grateful that he will continue to drive the business forward while the recruitment process is underway.
Debbie Hewitt, Chairman, said:
"Andy has brought a strong vision, developed a first-class team and laid the foundation of the Company's transformation. Whilst we are clearly disappointed that he will not be able to provide the long-term leadership for the business, we understand and respect the decision he has made purely on personal grounds."
Andy McCue, CEO, said:
"In recent years, we have achieved much in a challenging market. I'm confident The Restaurant Group is well positioned with the scale, talent and levers to drive profitable growth. While I recognise that this decision is untimely, it is the right one for me and my family. We have a strong team in the business and a clear plan which we are focused on delivering."
An announcement will be made regarding Andy's successor in due course.
Current trading remains in line with expectations and TRG will announce its Preliminary results on Friday 15th March.
The Restaurant Group
Debbie Hewitt MBE, Chairman
Tel: +44(0) 203 117 5001
Tel: +44(0) 203 128 8789
The disclosure required by section 430 (2B) of the Companies Act 2006 relating to the departure of Andy McCue from the Company will be published on the Company website when he steps down and ceases to be a director and employee of the Company.
For the record, his Service Agreement contains a 12 month notice period.
About the Restaurant Group PLC
The Restaurant Group plc operates over 650 restaurants and pub restaurants throughout the UK. Its principal trading brands are Frankie & Benny's, Wagamama, Chiquito and Brunning & Price. It also operates a multi-brand Concessions business which trades principally in UK airports. In addition the Wagamama business has 5 restaurants in the US and over 50 franchise restaurants operating across a number of territories.
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