The Restaurant Group is undertaking a phased reopening of its 400-strong estate, with hopes to have 90% of its outlets open by the end of September.
The group, which runs the Wagamama, Frankie & Benny and Chiquito brands, said it would have one quarter of its estate operational by the end of this month and 60% by the end of August. Some 10% of the restaurants will stay shuttered for the remainder of the year.
TRG has already permanently closed 125 restaurants via a company voluntary arrangement.
To aid with its recovery as its slowly reopens its restaurants, the group has accessed £50m from the government CLBILS scheme supported by Lloyds Banking Group, extended the term of its revolving credit facility by six months to 30 June 2022, and received a covenant waiver from its lenders for its December 2020 test. Covenants will now not be tested until the end of June 2021.
TRG has also reduced its commitments under its RCF by £40m, giving it an additional £10m of debt headroom.
TRG executive directors and non-executive directors have all agreed to take a 20% reduction in their base salaries or fees while the business continues to access the Coronavirus Job Retention Scheme. This follows the 40% reduction (20% for the chief financial officer) that was agreed from 1 April 2020.
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