Andy McCue to step down as The Restaurant Group boss: The Restaurant Group has announces that chief executive Andy McCue has informed the board of his decision to leave the company due to extenuating personal circumstances. The company stated: “A search will commence immediately and we anticipate that Andy will remain in position while his successor is being recruited. The board would like to thank Andy for his significant contribution to the business and in particular for leading its transition into higher growth areas, including the recent acquisition of Wagamama. We are grateful that he will continue to drive the business forward while the recruitment process is underway.” Debbie Hewitt, chairman, said: “Andy has brought a strong vision, developed a first-class team and laid the foundation of the company’s transformation. Whilst we are clearly disappointed that he will not be able to provide the long-term leadership for the business, we understand and respect the decision he has made purely on personal grounds.” McCue added: “In recent years, we have achieved much in a challenging market. I’m confident The Restaurant Group is well positioned with the scale, talent and levers to drive profitable growth. While I recognise that this decision is untimely, it is the right one for me and my family. We have a strong team in the business and a clear plan which we are focused on delivering.” An announcement will be made regarding McCue’s’s successor in due course. Current trading remains in line with expectations and TRG will announce its Preliminary results on Friday 15 March.
Cornish events company closes crowdfunding campaign after raising £290,000 to expand offering at 10,000-capacity venue: Cornwall-based events company The Wyldes has closed its fund-raise on crowdfunding platform Crowdcube for phase two of the development of its 10,000-capacity concert venue. The company was offering 4.76% equity in return for a £250,000 investment, giving the company a pre-money valuation of £5m. In total, 248 investors pledged £291,170 and the campaign has now closed. The 150-acre, eponymous venue near Bude overlooks an area of outstanding beauty and has hosted more than 50,000 visitors. Founded in 2008, the venue hosts its own festival and has seen a “6,313% increase in annual ticket sales between 2006 and 2018”. The pitch states: “The Wyldes has three permanent stages, eight bars, catering facilities, and a team and infrastructure in place. We are producing two or three large-scale, music-based events per year during summer and we’re ready to improve our infrastructure and assets to bring a larger, more diverse range of increased-capacity shows throughout all seasons. These improvements will also increase the profitability of each event by reducing hire costs and enabling new revenue streams, including options for luxury accommodation on-site.”