Wagamama’s owner has come under more fire from an activist shareholder.
Oasis plans to vote against The Restaurant Group’s embattled chief Andy Hornby’s pay packet next month.
The 56-year-old former banker, who led HBOS to the brink of collapse in the global financial crisis, is in the crosshairs at the hospitality group, which he has led since 2019.
Shares at the Frankie & Benny’s owner are down almost 70 per cent in the past two years.
Shares at Wagamama and Frankie & Benny’s owner The Restaurant Group are down almost 70 per cent in the past two years
They gained 3.4 per cent yesterday as Hong Kong-based investor Oasis almost doubled its stake in the group.
The move made it TRG’s second largest shareholder with a 12.3 per cent stake.
It will use its upped stakeholding to rouse investors to vote down TRG’s pay policy at its annual meeting on May 23, describing it as ‘unpalatable’ that Hornby and other bosses can receive 125 per cent of their base salaries in shares independent of performance.
A spokesman for TRG said the business had ‘performed strongly’ compared to rivals over recent years.
‘As is normal, we are consulting with major shareholders ahead of our upcoming AGM on our remuneration policy,’ he added.
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