Restaurant Group PLC Update on banking facilities and reopening (6052S)
July 10 2020 - 1:00AM
UK Regulatory
TIDMRTN
RNS Number : 6052S
Restaurant Group PLC
10 July 2020
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 GBP50m 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 GBP40m.
Therefore, overall, TRG has added an additional GBP10m 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
6(th) October 2020.
Enquiries:
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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END
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