Restaurant Group PLC (LON:RTN) said it has been very encouraged by the trading performance seen so far in 2021.
The Wagamama owner currently has 350 sites open across its segments, representing 95% of the total estate. The concessions business currently only has four sites trading, given restrictions regarding international travel.
READ: Pubs and restaurants see surge in bookings on first day of indoor service after months of closures
In the five weeks to 16 May, when the UK allowed outdoor dining only, Wagamama and pub sales were at 85% of comparable 2019 levels, a 15% outperformance of the market.
In the leisure segment, sites traded at 60% of comparable 2019 sales levels due to limited number of outdoor covers.
In the three weeks to 16 May in Scotland, where indoor dining was permitted, Wagamama and leisure traded at 22% and 21% ahead of the same period in 2019.
In the six weeks to 11 April, the group had 200 sites trading for delivery and takeaway only across its Wagamama and leisure businesses, with sales up three- and five-fold compared to pre-pandemic levels.
Restaurant Group also announced the completion of a refinancing, so it has £450mln of new debt facilities having drawn down £330mln of the Term Loan Facility on 17 May 2021 and access to a £120mln Super Senior Revolving Credit Facility.
It’s expected to have a cost of £25mln in the balance sheet, including £3mln of non-cash fee amortisation.
The Term Loan provides flexibility allowing the group to prepay a significant proportion of the loan without penalty in the 18 months following initial drawdown.