The Restaurant Group plc (TRG) confirms that at a meeting of creditors held on Monday, the Company Voluntary Arrangement (CVA) process announced on 10 June, which principally comprises the Frankie and Benny's estate, was successfully approved.
Over 82% of all creditors voted in favour of the proposal (75% approval required), and over 65% of the unconnected creditors voted in favour of the proposal (50% approval required)
As mentioned in the announcement on 10 June, this will leave a remaining trading estate in the group’s Leisure business of approximately 160 sites, of which approximately 85 will be subject to a reduction in rental costs and revised lease terms.
Andy Hornby, Chief Executive, said, “These are exceptionally challenging times for our sector and TRG is extremely grateful for the support shown by our creditors in today's vote.
'The approval of the CVA is a critical component in ensuring the future prospects for our Leisure business. I would like to wholeheartedly thank our colleagues who have shown extraordinary commitment throughout the process.”