The Restaurant Group secures £50m Government loan
Wagamama and Frankie and Benny's owner The Restaurant Group (TRG) has secured a £50m loan through the Government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) to help it as it estate reopens post lockdown.
The company also says that its directors have volunteered to take a 20% reduction in their base salaries or fees while the business continues to access the Government's Jobs Retention Scheme.
The Restaurant Group currently operates 400 restaurants and pubs following the approval of its CVA at the end of last month, which earmarked 125 sites for closure. It has begun a phased reopening of its sites, with 25% due to be open by the end of July, 60% by the end of August, and 90% by the end of September.
The remaining 10% of its restaurants that are located in areas where footfall is anticipated to remain weak, including airports, are not expected to reopen this financial year.
The company has reopened four of its Wagamama restaurants in London’s Royal Festival Hall, Manchester’s Trafford Centre, Stevenage and Swindon trialling a new sliding screen safety feature.
Having accessed CLBILS – supported by Lloyds Banking Group – TRG says that it has agreed a series of amendments to its revolving credit facility with its lenders.
