The Restaurant Group surprised investors yesterday by announcing the resignation of its chief executive less than two months after he pushed through the contentious acquisition of Wagamama, the Japanese noodle bar chain.
The group, which also owns Frankie & Benny’s and Chiquito, said that Andy McCue, 44, had informed the board of his decision to leave “due to extenuating personal circumstances”, although he would remain in the role while his successor was being recruited.
The company’s shares, which have fallen because of investor scepticism over the £559m Wagamama deal, were sent down another 16.25p, or 11% after the news, to 129.75p, valuing the group at £638m.
