£3.9m package for former banker
Ex-HBOS CEO Hornby takes helm at Restaurant Group
Former bank chief Andy Hornby, who was at the helm of HBOS when it collapsed in 2008, has left his role as co-chief operating officer at Ladbrokes-owner GVC Holdings to become CEO of The Restaurant Group.
He is expected to earn £3.9m at his new employer which owns brands such as Garfunkel’s, Coast to Coast, Chiquito, Wagamama and Frankie & Benny’s.
Mr Hornby, 52, had a background in retail when he arrived in Edinburgh as the new face of banking. He became CEO of the merged Halifax and Bank of Scotland at the age of 39 but was caught up in the crisis which engulfed the sector.
Within months he was appointed CEO of high street chain Alliance Boots and two years later took over in the same role at bookmaker Coral, which later merged with Ladbrokes.
He is now replacing Andy McCue, who stepped down from The Restaurant Group in February for personal reasons and just after the company completed its controversial £559m takeover of the noodle chain Wagamama. It had to tap shareholders for £315m to help fund the deal and 40% of investors voted against the acquisition which they considered too expensive.
Mr Hornby said: “I recognise that this sector of the market faces considerable challenges but The Restaurant Group has a set of casual dining and pub brands that offer significant potential.”
GVC CEO Kenny Alexander said in a statement: “Over the last eight years Andy has been instrumental in the turnaround and growth of the Ladbrokes Coral businesses.
“The business has genuinely been transformed under Andy and I have really enjoyed working with him.”