The Restaurant Group plc (the "Company") is pleased to confirm that following the announcement on 2 May 2019 of the appointment of Andy Hornbyas CEO, he will join the business as CEO and be appointed to the Board with effect from 1 August 2019.
Andy McCue will step down as current CEO and from the Board, with effect from 30 June 2019, and will remain accessible to Andy Hornby and the broader executive team for a short period of handover. In the period following Andy McCue's departure at the end of June and prior to Andy Hornby joining as CEO at the beginning of August, the business will be led by Debbie Hewitt, Chairman supported by Kirk Davis, CFO and the broader executive team.
Current trading remains in line with our expectations.
The Restaurant Group
Debbie Hewitt MBE, Chairman
Tel: +44 (0) 20 3117 5001
Oliver Hughes / Simon Hockridge
Tel: +44 (0) 203 128 8147
About The Restaurant Group plc
The Restaurant Group operates over 650 restaurants and pub restaurants throughout the UK. Its principal trading brands are Wagamama, Frankie & Benny's, Chiquito and Brunning & Price. It also operates a multi-brand Concessions business which trades principally in UK airports. In addition, the Wagamama business has five restaurants in the US and over 50 franchise restaurants operating across a number of territories.
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.
For the record:
· In accordance with his Service Agreement Andy McCue is subject to a 12 months' notice period. This commenced on 14 February 2019. His termination date will be 30th June 2019. During the worked part of his notice he has continued to receive a base salary of £525,300 p.a. a housing allowance of £8,333 per month, a pension contribution of 20% of base salary, and other contractual benefits including car allowance. He will be paid his base salary for the remaining unworked notice period with effect from 1st July 2019 to 13th February 2020. This will be payable in monthly instalments less the usual payroll deductions. In accordance with his Service Agreement, any payment made in lieu of notice is subject to his duty to mitigate. If he secures alternative employment then the outstanding payments will either cease or be reduced by such earnings (as applicable).
· At the date of termination, all other benefits except base salary will cease in full, with the exception that he will continue to receive one month rent subsidiary to ensure that he is able to give the two months' notice necessary to vacate the tenancy on his London accommodation.
· All Deferred Bonus Plan shares which he was awarded in respect of the 2016 and 2017 annual bonus awards (of 5,617 and 44,971 shares, respectively) are eligible for vesting, subject to the rules of the DB plan (i.e. not until the end of the deferral period). Additionally, subject to the rules of the DB Plan, he will be entitled to a Dividend Accrual payment on any vesting shares. The awards will continue to be subject to the relevant malus and clawback provisions.
· In addition, no bonus was earned or payable in respect in the 2018/19 financial year and he is not eligible to participate in the 2019/20 annual bonus scheme.
· All outstanding LTIP awards will lapse. This includes the 2016 bespoke LTIP, 2017 LTIP, 2017 bespoke LTIP and 2018 LTIP awards. Futhermore, he was not be eligible to participate in the 2019 LTIP grant.
· On his Termination Date, he will step down as a statutory director of any TRG companies, but will continue to remain bound by clauses relating to Confidential Information, Intellectual Property and Post-Termination Restrictions.
The person responsible for this announcement is Debbie Hewitt, Chairman.
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