REG - Hostmore PLC - Trading Update and Board Change

HostmoreAnnouncement

10/01/2023 07:00

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RNS Number : 1646M  Hostmore PLC  10 January 2023

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This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

10 January 2023

 

Hostmore plc

Trading Update & Board Change

 

Hostmore plc ("Hostmore" or the "Company") today announces an update on
trading for the financial year ended 1 January 2023 and the December 2022
period, and the resignation of Robert B. Cook as Chief Executive Officer.

Trading Update

On a statutory like-for-like ("LFL") basis, revenue for the 26 weeks ended 1
January 2023 continued at 14% below the comparative FY19 period. This result
was achieved despite the impact of Her Majesty the Queen's passing, national
rail strikes, the Football World Cup, and the unusually cold weather during
the period.

The Company generated revenue in December 2022 of £21.3 million, slightly
more than December 2021's revenue of £21.2 million. After adjusting for the
Government's temporary decrease in Value Added Tax during December 2021, which
had the effect of increasing revenue, LFL revenue in December 2022 was only 1%
below December 2021.

The Company's consolidated net bank debt (pre-IFRS 16) at the year end was
£29.5 million, which has improved from the Company's prior guidance of £32.5
million for the quarter ended 2 October 2022.

The Company's next scheduled financial update is the preliminary results
announcement for the year ended 1 January 2023 on 16 March 2023.

Board Change

Hostmore also announces today that Robert B. Cook has decided to step down as
Chief Executive Officer ("CEO") and as a Director of the Company with
immediate effect.

The Board is pleased to announce that Julie McEwan, currently Chief Operating
Officer of Fridays, has been appointed Interim CEO. Julie joined Fridays in
February 2022 and, prior to that, was at Big Table Group (previously Casual
Dining Group), latterly as Brand Director of Las Iguanas. She has previously
held management roles at Spirit Pub Company, Premier Inn and Whitbread.

The Board has initiated a thorough search process, comprising both internal
and external candidates, to find the best long-term candidate for CEO and will
update shareholders once the process has been completed.

Gavin Manson, Chairman of Hostmore, said:

"On behalf of the Board, I would like to thank Robert for his efforts as CEO
over the past three years, particularly in steering the business through the
Covid pandemic and in rebuilding the Executive Team, and we wish him well for
the future.

"We are pleased that Julie has accepted the role of Interim CEO, given her
strong sector experience and operational strengths. Together, we look forward
to focusing on the Group's priorities and building on its strengths in the
weeks and months ahead."

Robert B. Cook, outgoing Chief Executive Officer of Hostmore, said:

"I wish to extend my sincere gratitude and thanks to the Board and the
Executive Team for their support in my three years at the helm, and, most
importantly, to thank all the team in the restaurants who pull on the red and
white stripes every day and do such a sterling job for the brand."

ENDS

Enquiries

Hostmore plc

Gavin Manson, Chairman
 
Tel: +44 (0)330 460 5588

Alan Clark, Chief Financial Officer

Email: enquiries@hostmoregroup.com (mailto:enquiries@hostmoregroup.com)

 

MHP

Oliver Hughes, Simon Hockridge, Eleni Menikou
                                    Tel:
+44 (0)203 128 8789

Email: Hostmore@mhpgroup.com (mailto:Hostmore@mhpgroup.com)

 

About Hostmore

Hostmore plc is a UK hospitality business which runs the American-themed
casual dining brand, 'Fridays' (formerly TGI Fridays), the cocktail-led bar
and restaurant brand, '63rd+1st', and the fast casual dining brand 'Fridays
and Go'.

 

The Group was established in 2021 to provide a platform for the development
and growth of attractive hospitality brands, defined by their iconic brand
experience and vibrant heritage.  Hostmore is focused on the organic growth
of its existing brands, alongside expanding through new, exciting concepts
which have roll-out potential.

 

Hostmore currently operates 91 sites in the UK, the majority of which are in
high footfall locations, including retail parks, shopping centres and city
centres.

https://www.hostmoregroup.com

 

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