TRG overhauls management team amid investor rows

The Restaurant Group (TRG) has announced an overhaul of its management team, including the replacement of its chief financial officer, Kirk Davis.

It comes after months of heated investor rows and accusations that the pay packet of TRG boss Andy was "disproportionate".

In May, an activist investor had reportedly presented TRG's chairman and chief executive with proposals to sell all its brands except for Wagamama.

Davis, who joined TRG over five years ago, will be stepping down from his role as chief financial officer in September 2023. He will remain available to the company until 31 October, having agreed to conduct the analyst presentation of TRG's interim results in September.

Mark Chambers, who joined TRG in 2020 as chief executive officer for leisure & concessions, has been named chief financial officer and will be starting the role from 15 September.

TRG said Chambers was chosen through a "thorough internal and external process".

He has over twenty years' experience in finance and operational roles, previously as managing director retail at Ladbrokes Coral (now entain plc) as well as holding senior financial positions at Giles Insurance and Norman Broadbent.

Jonathan Knight, who has been with TRG for over three years, has been appointed chief executive of leisure and concessions and will be reporting to Andy Horby from 1 July.

Jacqui McManus, who is currently people director for leisure and concessions, will hold the dual role of group HR director and people director for leisure and concessions.

Andy Hornby, chief executive of TRG, said: "These management changes are the result of carefully managed succession planning. I would particularly like to thank Kirk for his huge efforts over the past five years. TRG is a very different business from when he joined in 2018. He was instrumental both in the acquisition and successful integration of Wagamama and in supporting the business as it successfully navigated the Covid pandemic. We wish him all the very best for the future."

TRG said current trading remains in line with management expectations and there are plans to announce its interim results on 6 September.

It operates approximately 400 restaurants and pub restaurants throughout the UK, including Wagamama, Brunning & Price and Frankie & Benny's.