Pressure mounting on Wagamama owner as another shareholder calls for change

Several investors are threating a revolt at Tuesday's meeting with plans to vote against the pay deal for executives including CEO Andy Hornby.

Hornby received £792,000 last year and is eligible for a bonus worth up to 150% of his base salary.

However, TRG's share price has fallen by around 70% since Hornby took over in 2019.

Investors have publicly traded barbs over the state of the company ahead of its annual meeting.

Last month Oasis Capital Management, which has a 12.3% share in TRG, said Hornby's pay was "disproportionate" and "tone deaf". New York's Irenic Capital Management, which is understood to have around a 2.5% share, also said it plans to vote against the pay policy.

Shareholder advisory firm Glass Lewis recommended investors vote down the remuneration package in a legnthy research paper.

However, TRG received a boost last week when its largest shareholder Columbia Threadneedle Investments came out in support of the company. The investor, which holds a 19% stake, said it would back the board and management team amid an "exceptionally tough industry backdrop".

TRG also posted a first quarter trading update which showed like-for-like sales had risen 9% at Wagamama, 10% at its pub division Brunning and Price and 2% at its leisure arm, which includes Frankie & Benny's, Chiquito and Firejacks.

A spokesperson for TRG said: "We will continue to let our numbers do the talking."

In March, TRG said it planned to close up to 35 restaurants after pre-tax losses more than doubled to £86.8m, although the Wagamama brand will be unaffected.