8 Sep 2023 07:00
8th September 2023
The Restaurant Group plc ("Group" or "TRG" or "The Company")
Directorate Change
The Restaurant Group plc today announces that the Company's Chairman, Ken Hanna has informed the Company of his intention not to seek re-election at the Group's next AGM during 2024 due to personal reasons.
The Board will now initiate a comprehensive search process to identify a new Chairman and will update the market as and when appropriate.
Ken will remain with TRG as Chairman until his successor is appointed in order to allow for an orderly handover.
TRG's reported strong Interim Results on 6th September with Group revenue +10% and Adjusted EBITDA1 +15%, driven by Wagamama, Pubs and Concessions. The Company also announced a moderate increase in management's FY23 Adjusted EBITDA1 expectations and excellent early progress in executing its medium-term plan.
Commenting on the announcement, Ken Hanna, Chairman of TRG, said:
"It has been a privilege to work at TRG and I will be leaving the company in great shape with the business trading really strongly, outperforming the market and making good progress on its strategic options.
I would like to thank the Board and management team as well as our brilliant colleagues across the business for their great work and support during my time with TRG. I wish them and the Group much continued success."
Commenting on the announcement, Andy Hornby, CEO of TRG, said:
"On behalf of the Board I would like to thank Ken for his outstanding contribution to the business. He has been an exceptional Chairman and a hugely valued colleague during a critically important period for TRG as we have successfully recovered from the Covid pandemic and made good progress with our strategy. Ken's leadership of the Board will be greatly missed by all his colleagues at TRG and we wish him well."
This announcement is made pursuant to LR 9.6.11R.
1. Pre-IFRS 16 Adjustment and exceptional charges
Enquiries:
The Restaurant Group plc Andy Hornby, Chief Executive Officer Umer Usman, Investor Relations
| 020 3117 5001 |
MHP Group Oliver Hughes James McFarlane | 0788 522 4532 / 0787 631 7387 |
Notes:
The Restaurant Group plc had approximately 380 restaurants and pub restaurants throughout the UK as at 8th September 2023. Its principal trading brands are Wagamama and Brunning & Price. It also operates a multi-brand Concessions business which trades principally in UK airports. In addition, the Wagamama business has a 20% stake in a JV operating seven Wagamama restaurants in the US and c. 60 franchise restaurants operating across a number of territories.