The Restaurant Group planning to reopen 90% of branches by September
It does not expect to reopen the remaining 10% of its outlets this year.
The Restaurant Group (TRG), the owner of the Frankie & Benny’s and Wagamama restaurant brands, said it plans to have 90% of its estate open by the end of September.
In a trading update, the group said it is aiming to have 25% of its total estate open by the end of July, rising to 60% at the end of August, before reaching 90% in September.
TRG said it does not expect to reopen the remaining 10% of its outlets this year, reflecting locations “where footfall is anticipated to remain considerably weak”, primarily in airports.
It has also accessed £50 million from the government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) and also agreed to amendments to a revolving credit facility with its lenders, adding £10 million to its overall debt facilities overall.
Executive and non-executive directors, meanwhile, have also volunteered to take a 20% pay cut whilst the company continues to access the Coronavirus Job Retention Scheme, following a 40% cut from 1 April.
