ITG report: casual dining Covid-19 activity

Report: UK casual dining responses to Covid-19

To support you with insight, inspiration, or even just a helpful resource, we are creating weekly Covid-19 Industry Reviews, detailing how brands and retailers across key sectors are responding to the current situation. Download ITG’s casual dining activity report here Visit itg.co.uk for more information and discover ITG reviews here: www.itg.co.uk/review

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Wagamama signage

Casual dining survival package includes board pay cuts

The Restaurant Group, behind brands including Wagamama and Frankie & Benny’s, has unveiled a survival package incorporating an extended banking facility, pay cuts for its executive team and changes to the board. Chief executive Andy Hornby has taken a 40% pay cut, reflecting the policy for senior team members who have not been furloughed since the coronavirus outbreak forced the closure of all restaurants, while chief financial officer Kirk Davis has taken a 20% cut. Both executive directors have also volunteered to forgo their 2019 bonuses. Non-executive directors have also…

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'sorry we're closed' sign

Coronavirus could kill 20% of UK SMEs – research

Almost a fifth of SMEs will not survive the coronavirus crisis, according to new findings from the Corporate Finance Network.  The group predicted that the closures would take place within the next four weeks despite government support measures, as the pandemic continues to unfold and affect retail. The network, which represents independent accountancy firms across the UK, undertook research amongst 13,000 SMEs to obtain the findings.  It said that the situation “looks even more dire” if the lockdown lasts three months or more, with accountants in the network reporting that…

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