StockMarketWire.com - Wagamama and Frankie & Benny's owner Restaurant Group said its lenders had waived covenant tests for the half year.

Santander had also increased the size of a revolving credit facility to Wagamama to £35m from £20m.

Chief executive Andy Hornby had agreed to a 40% cut in his base salary for the three months commencing 1 April, while chief financial officer Kirk Davis had taken a 20% cut.

They had also agreed to forgo their bonuses.

The company's non-executive directors had proposed to reduce their fees with effect from 1 April by 40%, with the arrangement to be reviewed on 1 July.

In addition, Restaurant Group said it would shrink the number of non-executive directors on its board to five from six, with Mike Tye offering to stand down with immediate effect.




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