Propel Morning Briefing Mast HeadAccess Banner  
Propel Morning Briefing Mast Head Paul's Twitter Link Paul's Twitter Link

Navitas Banner
Morning Briefing for pub, restaurant and food wervice operators

Wed 1st May 2019 - Sky News – TRG to appoint Andy Hornby as CEO
Sky News – TRG to appoint Andy Hornby as CEO: The Restaurant Group (TRG) is to appoint Andy Hornby, the former HBOS boss, as its new chief executive. Hornby, the joint chief operating officer of Ladbrokes' parent company GVC Holdings, is close to being appointed as Andy McCue's successor, reports Sky News. TRG's board is understood to have identified Hornby as its preferred candidate in recent days, prompting him to tender his resignation from GVC, according to a source close to the gaming group. An announcement could be made as soon as Thursday morning (2 May), the source said..TRG has a market value of just over £700m, having seen its shares fall by more than a third during the past 12 months. McCue said in February that he would step down because of "extenuating personal circumstances", having only completed the acquisition of Wagamama in December from Duke Street Capital despite objections from a vocal minority of shareholders. TRG's board, which is chaired by Debbie Hewitt, is said by a leading shareholder to have conducted an extensive search for McCue's successor. In March, the company unveiled a stronger-than-expected set of full-year results but signalled that it would seek to exit a number of poorly performing outlets in the coming months. As well as Wagamama and Garfunkel's, the company operates the Frankie & Benny's, Chiquito and Brunning & Price brands. It operates more than 650 sites across the UK, and is expanding its airport concessions and pub restaurant businesses. Hornby spent nearly two-and-a-half years at the helm of HBOS, which had grown into Britain's biggest mortgage lender at the time. Prior to his stint at HBOS, Hornby had enjoyed a meteoric rise through the ranks of corporate life, including senior roles at Asda under Archie Norman, the former Conservative MP who now chairs Marks & Spencer. After a nine-month spell on the sidelines, Hornby became chief executive of Alliance Boots, the owner of Boots The Chemist, which at the time was controlled by the private equity giant KKR. Hornby stayed for less than two years at Alliance Boots, resigning in March 2011 before resurfacing four months later as the boss of Coral, the high street bookmaker.‎ Since then, he has won plaudits internally for his work running the day-to-day operations of some of the UK's biggest gambling businesses. GVC, the quoted company which owns the chain as well as online betting brands such as partypoker, has been wrestling with shareholder unrest in recent months following a decision by its chairman and chief executive to offload shares worth £20m. It has kicked off a search for a new chairman to replace Lee Feldman, with Kenny Alexander, the chief executive, also expected to step down in the next couple of years.

Return to Archive Click Here to Return to the Archive Listing
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
Jameson Banner
Co-Kitchens Banner
Peppadew Banner
Unilever Banner
Santa Maria Banner
Jameson Banner
Tofoo Pro Banner
HDI Banner
Meaningful Vision Banner
Ponte Banner
Lamb Weston Banner
Unilever Banner
Propel Banner
Cynergy Bank Banner
St Pierre Banner
John Gaunt Banner
HGEM Banner
Zonal Banners
Access Banner
Purple Story Banner
Propel Banner
Christie & Co Banner
Beyond the Bean – Zuma Banner
St Pierre Banner
CACI Banner
Sector Banner
Airship – Toggle Banner
Venners Banner
Wireless Social Banner
Payments Managed Banner
Deliverect Banner
Hospitality Rising Banner
Tofoo Pro Banner