The Restaurant Group (RTN) confirmed that lender Santander has expanded its super senior revolving credit facility to Wagamama, from £20m to £35m. The group also disclosed that it will not undergo a covenant test at its half-year point.
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The Restaurant Group announced a swathe of executive salary and bonus cuts. Chief executive Andy Hornby has taken a 40 per cent pay cut for three months from the start of April, while chief financial officer Kirk Davis will see his pay reduced by 20 per cent. The group has also decided to shrink its board from six members to five, and remuneration committee chair Mike Tye has stepped aside.
