Why the owner of Frankie & Benny's is asking investors for £175m

The London-listed hospitality firm revealed that total sales dived by 57 per cent to £459.8m in 2020 after its sites were forced to close their doors for large periods.

It added that its short-term outlook remains "uncertain" while lockdown restrictions remain in place.

Andy Hornby, chief executive officer of TRG, said: "The Covid-19 pandemic has presented enormous challenges for our sector but the TRG team has responded decisively to restructure our business whilst preserving the maximum number of long-term roles for our colleagues.

"TRG is operationally a much stronger business than 12 months ago.

"The capital raise announced today, alongside the debt refinancing announced last week, represents the last important step in our restructuring process and provides TRG with the long-term flexibility to invest in growing our business.

"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."

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James Mitchinson