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Restaurant Group losses deepen; launches £175m equity raising
StockMarketWire.com
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Wagamama owner Restaurant Group posted a deeper annual loss and launched a £175 million equity raising as Covid lockdowns continue to hammer the eat-in dining market.
New shares in the company were being offered at 100p each, an 11% discount to Restaurant Group's closing price on Tuesday.
Pre-tax losses for the year through December amounted to £127.6 million compared to year-on-year losses of £37.3 million, as revenue slumped 57% to £459.8 million.
Restaurant Group said its short-term outlook remained uncertain whilst Covid restrictions were in place.
Chief executive Andy Hornby said the raising along with a recent det refinancing represented 'the last important step' in a re-structuring process and provided investment flexibility.
'Whilst the sector outlook remains uncertain, and we are mindful of continuing restrictions across the UK, we are confident that the actions announced today will allow us to emerge as one of the long term winners,' Hornby said.
Story provided by StockMarketWire.com
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