Coronavirus: The Restaurant Group boss to take 40 per cent pay cut
The boss of Wagamama owner The Restaurant Group will take a 40 per cent pay cut as the casual dining company battles the financial impact of coronavirus.
Chief executive officer Andy Hornby, who joined the company in August last year, will also forego his bonus of £98,000.
The Restaurant Group finance chief Kirk Davis has volunteered to reduce his salary by 20 per cent for three months. The smaller pay cut reflects his “exceptional workload” the company said. Davis will also not receive a bonus for the 2019 financial year, which was set to amount to £109,000.
Non-executive directors have also agreed to reduce their fees by 40 per cent for at least three months as the company announced that the overall number of non-executives would be reduced from six to five.
The company also announced that Santander has agreed to increase its super senior revolving credit facility from £20m to £35m, adding £15m to the group’s debt facilities.
Hornby said: “These are unprecedented times for our business and our sector. Against this backdrop we have taken decisive action to improve our liquidity, reduce our cost base and downsize our operations.
“I would like to wholeheartedly thank all of my TRG colleagues for their extraordinary understanding and commitment during this period.”
Thousands of Restaurant Group employees have been furloughed after the company was forced to close all of its sites across the UK due to the government ordered lockdown.