Restaurant Group PLC CVA successfully approved for the Leisure estate (4116R)
29 June 2020 - 11:11PM
UK Regulatory
TIDMRTN
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).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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