Restaurant Group (RTN)

Sector:

Tourism and Leisure Services

Index:

FTSE Small Cap

45.68p
   
  • Change Today:
      0.22p
  • 52 Week High: 166.40p
  • 52 Week Low: 23.00p
  • Currency: UK Pounds
  • Shares Issued: 589.80m
  • Volume: 1,687,231
  • Market Cap: £269.42m
  • RiskGrade: 852

Restaurant Group execs take pay cut; banking facilities increased

By Michele Maatouk

Date: Monday 06 Apr 2020

LONDON (ShareCast) - (Sharecast News) - Wagamama owner Restaurant Group announced extra flexibility in its banking facilities on Monday as it said its executive directors have agreed to a pay cut amid the coronavirus outbreak.
The company, which also owns Chiquito's and Frankie & Benny's, said its lending group has agreed there will be no covenant test at the half year. In addition, Santander has increased its super senior revolving credit facility to Wagamama to ?35m from ?20m.

Restaurant Group's executive directors have decided to reduce their base salaries from 1 April for three months. Chief executive Andy Hornby has volunteered to take a 40% pay cut, while chief financial officer Kirk Davis has volunteered to take a 20% pay reduction for the same period. They have both agreed to forgo their 2019 bonuses.

In light of the "very significant" number of employees that have been furloughed and the pay cuts taken by the executive directors, the non-executive directors have also proposed to reduce their fees by 40%.

The company also said it has decided to reduce the overall number of non-executives from six to five, with Mike Tye offering to step down as a non-exec director and chairman of the Remuneration Committee with immediate effect.

Chief executive Andy Hornby said: "These are unprecedented times for our business and our sector. Against this backdrop we have taken decisive action to improve our liquidity, reduce our cost base and downsize our operations."



Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

RTN Market Data

Currency UK Pounds
Share Price 45.68p
Change Today 0.22p
% Change 0.48 %
52 Week High 166.40p
52 Week Low 23.00p
Volume 1,687,231
Shares Issued 589.80m
Market Cap £269.42m
RiskGrade 852

RTN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
65.61% above the market average65.61% above the market average65.61% above the market average65.61% above the market average65.61% above the market average
31.43% above the sector average31.43% above the sector average31.43% above the sector average31.43% above the sector average31.43% above the sector average
Price Trend
90.32% below the market average90.32% below the market average90.32% below the market average90.32% below the market average90.32% below the market average
75.34% below the sector average75.34% below the sector average75.34% below the sector average75.34% below the sector average75.34% below the sector average
Income
3.85% below the market average3.85% below the market average3.85% below the market average3.85% below the market average3.85% below the market average
18.18% below the sector average18.18% below the sector average18.18% below the sector average18.18% below the sector average18.18% below the sector average
Growth
54.06% above the market average54.06% above the market average54.06% above the market average54.06% above the market average54.06% above the market average
77.14% above the sector average77.14% above the sector average77.14% above the sector average77.14% above the sector average77.14% above the sector average

What The Brokers Say

Strong Buy 11
Buy 0
Neutral 3
Sell 0
Strong Sell 0
Total 14
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

RTN Dividends

  Latest Previous
  Interim Final
Ex-Div 12-Sep-19 06-Jun-19
Paid 10-Oct-19 05-Jul-19
Amount 2.10p 1.47p

Trades for 22-May-2020

Time Volume / Share Price
16:35 284,043 @ 45.68p
16:29 2,112 @ 45.88p
16:29 110 @ 46.00p
16:29 1,729 @ 46.00p
16:29 9,024 @ 46.00p

RTN Key Personnel

CFO Kirk Davis
CEO Andy C Hornby

Top of Page