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Thu 2nd May 2019 - Update: The Restaurant Group’s new chief executive, Pret A Manger
The Restaurant Group confirms Andy Hornby as chief executive of £630,000 base salary: The Restaurant Group has confirmed the appointment of Andy Hornby as chief executive. The company stated: “We will update on Andy Hornby’s start date in due course and at the same time, will confirm the date on which Andy McCue will step down as chief executive. Andy Hornby is an experienced company chief executive, with strong consumer and digital credentials. He is currently co-chief operating officer of GVC Holdings, the sports betting and gaming group. Andy joined Gala Coral in 2011. Over the last eight years he has been successively chief executive of Coral, chief operating officer of Gala Coral, chief operating officer of Ladbrokes Coral (following the merger with Ladbrokes in 2016) and co-chief operating officer of GVC (following the purchase by GVC in 2018). Throughout this period Coral and then Ladbrokes Coral and finally GVC have delivered significant shareholder value. Prior to joining Gala Coral, Andy was group chief executive of Alliance Boots from 2009 to 2011, having previously held positions as chief executive of Halifax Retail, chief executive of the retail division of HBOS, chief operating officer of HBOS and then chief executive of HBOS from 2006 to the end of 2008. Earlier in his career Andy held a range of roles at Asda, the supermarket retailer, including retail managing director and managing director of ‘George’ clothing.” Debbie Hewitt MBE, Restaurant Group chairman, said: “I am delighted to welcome Andy to the company. He brings very relevant consumer, people and brand- led chief executive credentials, with experience leading a multi-site retail business which is undergoing digital transformation. Andy’s extensive retail background, proven hands-on operational expertise, and experience of integrating businesses position him well to provide the leadership required to deliver the next phase of our strategy.” Andy Hornby added: “I am delighted to be joining The Restaurant Group as chief executive at such an exciting time. This is a great business, with strong brands, committed colleagues and tremendous potential to grow. I recognise that this sector of the market faces considerable challenges, but The Restaurant Group has a set of casual dining and pub brands that offer significant potential. I’m excited to have the opportunity to lead the team and look forward to getting out and meeting colleagues when I join.” The main elements of Andy Hornby’s remuneration package, which is consistent with the shareholder approved directors’ remuneration policy, will be as follows: Base salary of £630,000 per annum. Andy Hornby will not receive any pension or pension allowance. The remuneration policy gives the flexibility to award up to a 20% salary supplement. His Maximum annual bonus is 150% of salary, 50% deferred into shares for three years (pro-rated for the year of joining). His LTIP award: On joining, 200% of salary pa with vesting based on earnings per share and relative total shareholder return with the first award mirroring the performance conditions applying to other participants in the April 2019 grant. Dividend equivalents apply. Share ownership guidelines are 200% of base salary. An Initial six months’ notice period required from either side, increasing to 12 months after a year’s service. In addition to receiving the 2019 LTIP grant, Andy Hornby will be awarded a ‘one-off’ buy-out LTIP of a further 150% of salary on joining, with the same performance conditions and vesting dates, to partially compensate for LTIP grants that he will be relinquishing with GVC and for sacrificing much of his annual bonus opportunity in 2019.

Pret A Manger begins roll-out of full labelling: Pret A Manger will move to fully label all ingredients in its soups, salads and other products as it looks to win back consumer trust after two people died from allergic reactions to food they bought at the company. Allergen labelling is not currently required by law in the UK when restaurants or fast-food outlets cook the food on site, although staff are required to provide allergen information if customers ask for it. “The issue of allergies has struck a deep chord within Pret A Manger following the tragic deaths of Natasha Ednan-Laperouse and Celia Marsh,” Clive Schlee, chief executive, said. The new labels will arrive in 20 London shops this week, and will be rolled out nationwide by the end of the summer. In the UK, it is estimated that 1-2% of adults and 5-8% of children have a food allergy, according to Defra, and more have intolerances. Pret A Manger, which was acquired by investment company JAB Holdings last year for £1.5bn, will also make several other changes under a plan developed with outside experts, including Tim J Smith, the former head of the Food Standards Agency. These include reformulating about 70 recipes to remove allergens, investing in training for staff, and installing tablet computers in stores so allergy sufferers can easily check what foods are safe. It has also committed to releasing a quarterly report of any allergy incidents, although the details of that are still being worked out. Schlee said the steps would cost Pret an estimated “1-2% of sales” per year, which would work out to roughly £9m to £17.5m based on latest available financial results from 2017. The chain then disclosed revenue of £879m and earnings before interest, tax, depreciation and amortisation of £99m. “It’s a significant investment, and also a big change culturally,” said Schlee. “For 30 years, we built Pret kitchens up to emphasise speed and freshness of the food, and now we also need to change to foster accuracy and precision.” 

Propel Coffee Conference open for bookings: Propel has launched The Coffee Conference, which aims to help operators develop their coffee offer and capitalise on opportunities in a market that has undergone 20 consecutive years of growth. The full-day event takes place on Tuesday, 11 June at One Moorgate Place in London and is open for bookings. Turnover in the UK coffee shop market increased 7.9% last year to £10.1bn and, with growth set to continue, some of the sector’s most high-profile operators will share their insights and expertise and reveal opportunities in the market. Dominic Allport, insights director at The NPD Group, will provide analysis of the market and look at some of the key trends. Nick Tolley, co-founder of Taylor St Baristas and Harris+Hoole, will talk about the challenges of growing a successful coffee business in the UK and how to generate and monetise new opportunities. James Horler, chief executive of 3Sixty Restaurants and chairman of Notes Coffee Roasters & Bars, will talk to Propel managing director Paul Charity about how Notes is creating opportunities to steal market share from established high-street brands. Rob Darby, co-founder and chief executive of 200 Degrees, will describe his move from running bars to coffee shops and his plans for continued regional growth into city centres. Henry Ayers, co-founder of The Gentlemen Baristas, will reveal how an Englishman’s moustache helped sculpt a niche for “well-mannered coffee”, giving rise to a growing portfolio of quirky sites and the development of a roastery and wholesaling expertise in coffee, tea, cocoa and spices. Russell Scott, founder of Paddy & Scott’s, will reveal how ethical trade and sustainability has played a key role in the brand’s expansion, while Sam Roberts, co-owner and chief executive of Boston Tea Party, will share his learnings from the company’s ban on disposable cups. Jamie Robertson, UK chief executive of US coffee shop concept Roasting Plant, will reveal its plans for the UK and explain how he sees technology transforming the customer retail experience. Kevin Charity, chief executive of the Coaching Inn Group, will talk about the company’s success with coffee and its drive to develop a first-class coffee shop experience for customers while driving up trade within what is a “traditional inns” concept. Meanwhile, Press Coffee co-founder Andy Wells, Caravan co-founder and creative director Laura Harper-Hinton, Bewiched Coffee founder Matt Fountain and Black Sheep HR director Marco Reick will discuss what they see as the sector’s challenges and how to overcome them. Propel managing director Paul Charity said: “The coffee market is one of our most dynamic and innovative sectors – and this event is a chance to hear from many of our best operators.” Tickets are £295 plus VAT for Propel Premium subscribers and £345 plus VAT for all others. To book, email or call 01444 817691.

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