Re Directorate

RNS Number : 1049Y

Restaurant Group PLC

21 January 2014

 



The Restaurant Group plc

("TRG" or "The Group")

Retirement of Andrew Page, the Chief Executive Officer of TRG

The Restaurant Group announces today that Andrew Page has notified the Board that he wishes to retire as Chief Executive Officer in August 2014.

Under Andrew's leadership the Group has developed into a first class and firmly established FTSE-250 business, with an excellent track record of growth in earnings, dividends and shareholder value.

We are pleased that, following his retirement as CEO, Andrew has agreed to remain with the Group as Advisor to the Chairman. This will help to ensure both an orderly handover and continuity as the business continues to develop.

The Board has initiated the search for a new CEO and will consider both internal and external candidates for the position.

Alan Jackson, Chairman of The Restaurant Group plc, said:

"Both the Board and I personally would like to express our heartfelt thanks and congratulations to Andrew on the immense success he has achieved at TRG during his 12 year tenure. In that time the Company has come from having a market capitalisation of £75 million to be valued now at over £1.2 billion!

That would be some achievement even in a benign economy, let alone in the exceptionally challenging decade that we have endured.

Although retiring as CEO, I am delighted that Andrew will remain involved with the Company as he has agreed to advise the Chairman and the Board on an annually renewable basis for some two days a week."

Andrew Page, Chief Executive Officer of the Restaurant Group plc, said:

"My time at TRG has been the most fulfilling of my twenty plus years in the hospitality industry. We took a business that had lost its way, re-structured and re-orientated it and then, from firm foundations, have grown it to become the successful company that we have today.

Credit for this success belongs to the TRG team who have, at times, achieved the seemingly impossible and throughout have delivered a consistently fine performance for our shareholders. They are an outstanding group of people and it has been my privilege to lead them over the past ten years.

The Restaurant Group is in very good shape and is firmly established as a leader in the UK casual dining market; it has been built on strong foundations, with a clear and proven strategy, market-leading brands in great locations and is run by a high quality and committed team.

I am confident that The Restaurant Group will continue to prosper."

21 January 2014

Enquiries:

The Restaurant Group plc	Tel: [phone]
Alan Jackson, Chairman
Andrew Page, Chief Executive Officer
College Hill	Tel: [phone]
Matthew Smallwood

 

END

 

 

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