The Restaurant Group plc
Increased flexibility in banking facilities, continued reduction in Board pay and update on estate reopening plans
The Restaurant Group plc ("Group" or "TRG") today announces increased flexibility in our banking facilities and an update on Board remuneration and estate reopening plans.
Increased flexibility in our banking facilities
TRG is pleased to announce that we have accessed £50m from the Government CLBILS scheme, supported by Lloyds Banking Group.
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 30 June 2022;
· Received a covenant waiver for December 2020 with covenants next tested at the end of June 2021; and
· Reduced our commitments under the RCF by £40m.
Therefore, overall, TRG has added an additional £10m to the Group's overall committed debt facilities.
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 1 April 2020.
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 October 2020.
The Restaurant Group plc
Andy Hornby, Chief Executive Officer
Kirk Davis, Chief Financial Officer
Umer Usman, Investor Relations
0203 117 5001
MHP Communications (Financial PR adviser)
Oliver Hughes / Simon Hockridge
07885 224 532 / 07709 496 125
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