CVA successfully approved for the Leisure estate

RNS Number : 4116R

Restaurant Group PLC

29 June 2020

 

The Restaurant Group plc

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

CVA successfully approved for the Leisure estate

The Restaurant Group plc ("the Group" or "TRG") confirms that at a meeting of creditors held today the Company Voluntary Arrangement (CVA) process announced on 10 June, relating to the statutory entity "The Restaurant Group (UK) Limited" ("TRG UK Ltd"), which principally comprises the Frankie and Benny's estate, was successfully approved:

· Over 82% of all creditors voted in favour of the proposal (75% approval required)

· Over 65% of the unconnected creditors voted in favour of the proposal (50% approval required)

In accordance with the relevant statutory provisions, there is a 28-day period, following the filing of the report by the chair of the meeting, in which a creditor may apply to court to challenge the CVA.

As mentioned in the announcement on 10 June, this will leave a remaining trading estate in the Group's Leisure business of approximately 160 sites, of which approximately 85 will be subject to a reduction in rental costs and revised lease terms.  A more comprehensive update will be provided at the Group's interim results.

Commenting on the announcement, Andy Hornby, Chief Executive, said :

"These are exceptionally challenging times for our sector and TRG is extremely grateful for the support shown by our creditors in today's vote.  The approval of the CVA is a critical component in ensuring the future prospects for our Leisure business.  I would like to wholeheartedly thank our colleagues who have shown extraordinary commitment throughout the process."

Enquiries:

The Restaurant Group plc Andy Hornby, Chief Executive Officer Kirk Davis, Chief Financial Officer Umer Usman, Investor Relations	0203 117 5001
MHP Communications (Financial PR adviser) Oliver Hughes / Simon Hockridge	07885 224 532 / 07709 496 125

IMPORTANT NOTICE

This announcement may include statements that are, or may be deemed to be, "forward-looking statements".  These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions.  Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect TRG's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to TRG's business, results of operations, financial position, liquidity, prospects, growth and strategies.  Forward-looking statements speak only as of the date they are made. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future or are beyond TRG's control.

The person responsible for arranging the release of this announcement on behalf of TRG is Kirk Davis (CFO).

 

END

 

 

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