Wagamama owner The Restaurant Group has secured a £50m government loan it said this morning as it revealed that some sites won’t reopen until next year.
The Restaurant Group said today that just 25 per cent of its 400 sites will be open by the end of July, despite the government giving a green light for restaurants to open from 4 July.
By the end of August, 60 per cent of restaurants will be open, and 90 per cent will be open by the end of September.
However, the company said the remaining ten per cent of sites may not reopen until next year as footfall is not expected to pick up in some locations, such as airports.
“As a result of recent corporate restructuring the revised trading portfolio of the Group will comprise approximately 400 restaurants and pubs,” the company said this morning.
“The group has now started a phased reopening of its restaurants and pubs for eat-in trade in line with government guidance.
“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.”
The chain has also extended the term of its rolling credit facility by six months to June 2022, and received a covenant waiver for December 2020.
Meanwhile, the company’s executive directors and non-executive directors will take a 20 per cent reduction to their base salaries or fees while the business continues to use the jobs retention scheme. Previously they had announced a 40 per cent reduction in pay.