Andy Hornby appointed as boss of The Restaurant Group

2nd May 2019 08:19

(Sharecast News) - The Restaurant Group has appointed Andy Hornby, who ran HBOS when the bank came close to collapse, as its next chief executive.Hornby will join the owner of Wagamana and Frankie & Benny's from GVC Holdings, the gambling group. He has worked at GVC and Coral, which GVC bought in 2018, since 2011 and is now co-chief operating officer.The Restaurant Group did not give a date for Hornby's arrival. Hornby will replace Andy McCue and his main tasks will be to integrate the FTSE 250 company's recent acquisition of Wagamana and steer a course through the troubled casual dining sector, which is suffering rising costs and fierce competition.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."Hornby's appointment is a return to the helm of a public company for the former wonder boy of UK banking. HBOS had to be rescued by Lloyds TSB at the peak of the financial crisis and would have collapsed without a government bailout. The parliamentary commission on banking standards criticised Hornby and other HBOS directors for the bank's "colossal failure".After HBOS, Hornby, 52, went on to lead Alliance Boots for almost two years before leaving abruptly in 2011. He reappeared as chief executive of the Coral betting business at Gala Coral, like Boots a privately owned company at the time.When Gala Coral and Ladbrokes merged in 2016 Hornby stayed off the board though he was said to run the bulk of the business. He remained a non-board executive when GVC bought Ladbrokes Coral, shielding his pay from scrutiny and deflecting questions about his role at a public company.Announcing his appointment The Restaurant Group stressed Hornby's experience in consumer businesses, including leading Halifax's retail division and his earlier time working at Asda.Debbie Hewitt, The Restaurant Group's chair, said: "Andy brings very relevant consumer, people and brand-led CEO credentials, with experience leading a multi-site retail business which is undergoing digital transformation. Andy's extensive retail background, proven hands-on operational expertise, and experience of integrating businesses position him well to provide the leadership required to deliver the next phase of our strategy."GVC shares fell 2% to 636.6p at 08:58 BST. The Restaurant Group's shares rose 0.4% to 145.64p.