Overall ranking: 27
Restaurateur ranking: 9
Andrew Page - Snapshot
Andrew Page is chief executive of The Restaurant Group (TRG), which has 367 sites, making it the largest independent restaurant company in the UK. TRG owns brands such as Frankie & Benny’s (188 sites), Blubeckers, Chiquito and Garfunkel’s. It groups its business activities into leisure (restaurants operating on retail parks, suburban areas and some high-street locations) and concessions, which sees it operate at eight UK airports. Adjusted pre-tax profit for 2009 was up 2% at £50m, with revenue ahead by 5% at £436m. The company served 35 million meals to consumers in 2009 and opened 19 new restaurants.
Andrew Page - Career history
Andrew Page qualified as a chartered accountant with KPMG and gained experience with County, NatWest’s corporate advisory department, before spending six years as a corporate financier with Kleinwort Benson.
He moved into the leisure sector in 1994 as senior vice-president of corporate finance for InterContinental Hotels Group and served as finance director at Peter Eyles’s Hanover International from 1998 to 1999. After a stint as finance director and chairman of the investment committee at Greenchips Investment, Page became finance director of City Centre Restaurants (CCR) in June 2001. CCR became TRG in 2004.
Page was promoted to group managing director in December 2003 when chief executive Andrew Guy moved on, and rose to chief executive in January 2006 when executive chairman Alan Jackson moved to a non-executive role.
Andrew Page - What we think
Interesting times for TRG, which, having taken the strategic decision to minimise exposure to the UK high street in recent times, now faces an unexpected challenge from pub operator Mitchells & Butlers in its leisure-park heartland - although having Tony Hughes, the former managing director of Mitchells & Butlers’ restaurant division, as an independent director will no doubt help.
Whether Mitchells & Butlers will be able to make inroads into the market that TRG has made its own remains to be seen, but it’s highly unlikely Page and co will be dismissing a company with the resources and ambition of the Toby Carvery and Vintage Inns owner.
To that end, TRG has started updating its 64-strong Chiquito brand and converting its pub-restaurants to its Brunning and Price format, while opening a handful of updated Garfunkel’s restaurants. The company also has an extensive airport concession business, which lost £500,000 during the closure of UK airspace due to the Icelandic volcano eruption. Although acts of God are few and far between, with UK consumers tightening their belts as Government cuts hit home, it’s likely that a fall in international travel and a trend towards holidaying at home can only keep TRG’s profits in this arena under pressure.
Andrew Page - Further information