The Restaurant Group CEO announces departure
He is stepping down due to “extenuating personal circumstances”, and is expected to remain in the role while a successor is being recruited.
McCue joined TRG as chief executive in 2016 and oversaw the company’s acquisition of the Wagamama chain for £559m last year. The deal faced backlash from shareholders, with 40% opposing the buyout following flagging sales across TRG’s wider portfolio, which includes the Chiquito’s, Frankie & Benny’s and Garfunkel’s brands.
"In recent years, we have achieved much in a challenging market,” says McCue.
“I'm confident TRG is well positioned with the scale, talent and levers to drive profitable growth. While I recognise that this decision is untimely, it is the right one for me and my family. We have a strong team in the business and a clear plan which we are focused on delivering."
TRG’s share price fell more than 10% in this morning’s trading following the announcement.
"Andy has brought a strong vision, developed a first-class team and laid the foundation of the Company's transformation,” says Debbie Hewitt, TRG chairman.
“Whilst we are clearly disappointed that he will not be able to provide the long-term leadership for the business, we understand and respect the decision he has made purely on personal grounds."
TRG operates over 650 restaurants in the UK.
