Troubled Restaurant Group’s chief replaced by former Paddy Power boss
The firm behind Frankie & Benny’s and Chiquito has ousted chief executive Danny Breithaupt, saying it needs new blood to revive its flagging fortunes.
The Restaurant Group said that Andy McCue, former boss of bookmaker Paddy Power, will become its new leader next month.
Shares in TRG have fallen almost 45% this year as it struggled with tougher competition and the rise of online shopping, which kept customers away from the retail parks its restaurants tend to call home.
It issued its first profit warning for more than a decade in April and finance chief Stephen Critoph quit. A month later, more than a quarter of shareholders voted against its remuneration report, signalling discontent with executives’ pay and bonuses.
The shares rose 33.2p to 410p as investors welcomed McCue, a casualty of Paddy Power’s merger with Betfair. Chairman Debbie Hewitt praised his strategic background, commercial flair and digital credentials.
Breithaupt has been at TRG for 15 years and was made CEO in 2014.
