The UK's The Restaurant Group said on Wednesday 21 June chief financial officer Kirk Davis will leave the company.
Successor
The group said that current CEO for leisure & concessions Mark Chambers will take over as Group CFO on 15 September.
The above news was followed by the following brief:
BRIEF-Restaurant Group Announces CFO To Step Down
- DIRECTORATE AND MANAGEMENT CHANGES
- KIRK DAVIS WILL BE STANDING DOWN FROM HIS ROLE AS CFO FOLLOWING PRESENTATION OF TRG'S INTERIM RESULTS IN SEPTEMBER 2023
- MARK CHAMBERS WILL TAKE ON ROLE OF CFO DESIGNATE FROM 1 JULY 2023 AND WILL FORMALLY TAKE OVER AS GROUP CFO FROM 15 SEPTEMBER 2023
Wagamama Owner Predicts Higher Margins As Customers Dine Out
All of the above news follows news from last month that Restaurant Group expects profit margins to improve in the medium-term as more customers dined at its Wagamama restaurants and pubs in the first quarter.
The improvement in trading, which the company said had continued into the second quarter, should be relief after investors in February pushed for changes to increase profitability.
Restaurant Group said it delivered about £5 million of incremental cost savings on an annualised basis, with 70% expected to be benefited in 2023, and a full benefit flowing through from 2024.
Sales at its Wagamama restaurant, the Japanese noodle chain, rose 2% on a like-for-like basis for the 13 weeks ended on 2 April, and dine-in sales jumped by 10%. Takeaway and delivery sales were down 13% as the reversal of lockdown trends continued.
Read More: Wagamama Owner Predicts Higher Margins As Customers Dine Out
News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.
