Restaurants

The Restaurant Group secures £50m loan

The Restaurant Group has revealed it has accessed £50m from the Government CLBILS scheme, in a loan supported by Lloyds Banking Group.

The operator said the move will give it “increased flexibility”, alongside the group adding an additional £10m to its overall committed debt facilities.

The operator has also agreed several amendments under its revolving credit facility (RCF) with lenders, and has now extended its current RCF term by six months to 30 June 2022. 

While the business continues to access the Coronavirus Job Retention Scheme, its executive directors and non-executive directors have volunteered to take a 20% reduction in their base salaries, following on from the 40% reduction that was volunteered from 1 April 2020.

In its latest update, the group outlined its phased reopening of restaurants and pubs for eat-in trading. 

It now plans to operate 25% of its total estate by the end of July, 60% by the end of August, and 90% by the end of September, with the reopening plan “varying by division”.

However, the remaining 10% of its estate is not expected to open this calendar year, largely across locations where “footfall is anticipated to remain considerably weak”, such as airport locations. 

The group said: “We are very pleased to be able to welcome back our customers and colleagues ensuring that their safety is paramount, whilst maintaining an enjoyable experience.  

“The diversified portfolio of the group allows each division to adapt to the challenges of social distancing uniquely, whilst keeping the customer at the heart of every decision.”

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