Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  The Restaurant Group    RTN   GB00B0YG1K06

THE RESTAURANT GROUP (RTN)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Restaurant Group finance chief leaves after less than a year

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/21/2017 | 10:24am CEST

(Reuters) - Restaurant Group (>> Restaurant Group PLC) announced on Friday the immediate departure of finance chief Barry Nightingale, less than a year after the owner of the Frankie & Benny's chain brought in the former head of Monarch Airlines to help turnaround its business.

(Reuters) - Restaurant Group (>> Restaurant Group PLC) announced on Friday the immediate departure of finance chief Barry Nightingale, less than a year after the owner of the Frankie & Benny's chain brought in the former head of Monarch Airlines to help turnaround its business.

The company, which has been trying to improve service across its 488 restaurants and pubs in Britain after reporting lower annual profit in 2016, said it had started the search for a new chief financial officer.

A spokesman for Restaurant Group said the board was looking for a finance chief with a different skill set to support new Chief Executive Andy McCue, who joined in September from betting firm Paddy Power (>> Paddy Power Betfair PLC) to help drive the company's recovery.

Nightingale, known as a turnaround specialist, joined the company ahead of McCue's appointment last year and has helped the company through its strategic review, the outcome of which was announced last month.

The company is battling increased competition from food-focused pubs and a drop in visitors to retail shopping parks, where many of its outlets are located, and said in March it had put the brake on expansion plans until it could verify its brand and location strategy was "sufficiently robust."

Analysts said that while Nightingale had helped to stabilise Restaurant Group's performance, it was likely the company was seeking someone to lead the owner of chains Chiquito and Coast to Coast through the next phase of its turnaround.

"Nightingale's departure comes at a time when menu prices are about to drop (Frankie & Benny's new menu is imminent), at the start of a possibly long turnaround period for the company," Peel Hunt analysts wrote, cutting the stock to "hold" from "add".

Restaurant Group's shares, down about 50 percent since the start of last year, were 2.3 percent lower at 357 pence at 0803 GMT, the third biggest fall on London's midcap index <.FTMC>.

CEO McCue has already made five management changes since his appointment, bringing in former employees from brands such as Costa Coffee (>> Whitbread plc) and Paddy Power to help steer Restaurant Group, which is also facing an increase in buying costs due to a weaker pound and higher taxes.

Nightingale's departure, first reported by Sky News, marks the exit of a third top boss in about a year, after Nightingale's predecessor was ousted last April and the company's former CEO was removed following that.

The company is due to publish a trading update on May 26.

(Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter)

By Esha Vaish

Stocks mentioned in the article
ChangeLast1st jan.
PADDY POWER BETFAIR PLC 2.18% 103.2 End-of-day quote.3.77%
WHITBREAD 3.03% 4256 Delayed Quote.6.40%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on THE RESTAURANT GROUP
05/23RESTAURANT : Notice of GM
PU
05/23RESTAURANT : sees results in-line despite dent from snow
RE
05/20RESTAURANT : Emerging Concepts Announces the Expansion of their Real Estate Clie..
AQ
05/03DEL FRISCO RESTAURANT : Friscos Restaurant Group Announces Opening of Friscos Do..
AQ
04/23RESTAURANT : Park Plaza Gardens location is taken over by steakhouse Bovine
AQ
04/23RESTAURANT : Notice of AGM
PU
04/23RESTAURANT : Greens and Grains bringing vegan restaurant chain to Shrewsbury
AQ
04/11RESTAURANT : Bain fund invests in Bamboo Sushi parent
AQ
04/11THE DAILY KITCHEN'S NEW SPOT KEEPS W : The Daily Kitchen & Bar brings winning fo..
AQ
04/04RESTAURANT : Daily Mail, London, Business Briefs column
AQ
More news
News from SeekingAlpha
2016Restaurant Group rallies in London after unveiling store closing plan 
2015Raytheon to support U.S. Air Force bomb carriage systems 
2015Shoot For Higher Dividends With Raytheon 
2015Raytheon reveals extended range AMRAAM 
2015U.S. permits armed drones sales to allies 
Financials ( GBP)
Sales 2018 693 M
EBIT 2018 55,8 M
Net income 2018 42,4 M
Debt 2018 27,6 M
Yield 2018 4,95%
P/E ratio 2018 14,25
P/E ratio 2019 13,36
EV / Sales 2018 0,97x
EV / Sales 2019 0,91x
Capitalization 647 M
Chart THE RESTAURANT GROUP
Duration : Period :
The Restaurant Group Technical Analysis Chart | RTN | GB00B0YG1K06 | 4-Traders
Technical analysis trends THE RESTAURANT GROUP
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 3,06  GBP
Spread / Average Target -5,0%
EPS Revisions
Managers
NameTitle
Andrew McCue Chief Executive Officer & Executive Director
Alison Deborah Moria Hewitt Independent Non-Executive Chairman
Kirk Dyson Davis Chief Financial Officer & Director
Simon Iddon Chief Information Officer
Simon Francis Cloke Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
THE RESTAURANT GROUP6.98%862
STARBUCKS CORPORATION0.44%79 930
COMPASS GROUP PLC1.88%34 349
SODEXO-23.14%15 133
DARDEN RESTAURANTS-8.48%10 879
WHITBREAD6.40%10 397