Wagamama owner The Restaurant Group hit by a shareholder revolt over the pay of fat cats and boss Andy Hornby
Revolt: The Restaurant Group paid ex-HBOS chef Andy Hornby (pictured) £792,000 last year
The owner of Wagamama was hit by a shareholder revolt over the pay of fat cats and boss Andy Hornby.
More than 45 percent of voting investors — including activists Oasis Management and Irenic Capital — opposed The Restaurant Group’s salary report for last year, when ex-HBOS chief executive handed Hornby £792,000.
And in another blow to Hornby — which brought Halifax owner HBOS to the brink of collapse in 2008 — nearly 16 percent of shareholders also voted against his re-election to the board.
At the same time, nearly a quarter opposed reappointing Ken Hanna as chairman and Zoe Morgan as head of the remuneration committee.
The revolt came as The Restaurant Group (TRG), whose empire also includes the Frankie & Benny’s and Chiquito chains, has come under increasing pressure from investors for its performance.
The company posted a loss of £86.8 million last year, its fourth annual loss in a row, and its shares are down 80 per cent since it bought Wagamama five years ago.
Daniel Wosner, Head of Europe at Oasis, said: “The numbers tell the story.
“We will continue to seek constructive dialogue with the company to strengthen governance and enable it to better align with the interests of all shareholders.”
A TRG spokesperson said the company “intends to actively review the compensation policy.”
Shares fell 3 percent, or 1.5 pence, to 48.2 pence.