Wagamama owner secures £50m coronavirus loan
The Restaurant Group (TRG) has secured £50m through the Coronavirus Large Business Interruption Loan Scheme as it starts a phased reopening of its remaining 400 sites.
Last month creditors approved a Company Voluntary Arrangement (CVA) for the group's ‘leisure' estate, which incorporates brands including Frankie & Benny's, Chiquito, Coast to Coast and Garfunkel's. The CVA will see 125 sites close permanently.
The Restaurant Group also operates Wagamama, which was unaffected by the CVA.
The loan has allowed TRG to amend its revolving credit facility and add an additional £10m to its overall committed debt facilities.
The group's remaining 400 restaurants and pubs have started to reopen, with 25% of sites expected to welcome guests by the end of this month. This is expected to increase to 60% by the end of August and 90% by the end of September.
The remaining 10% are not expected to open in 2020 and are predominantly in locations where footfall is expected to remain low, including airports.
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