Julie McEwan appointed permanent Hostmore CEO
Julie McEwan has been appointed permanent chief executive of Hostmore, which operates the Fridays and 63rd+1st restaurant brands, effective immediately.
Since 10 January, McEwan has been acting as interim chief executive following the departure of Robert Cook. She was previously chief operating officer, having joined Hostmore in February 2022.
Prior to this, she was brand director of Las Iguanas at Big Table Group and also held management roles at Spirit Pub Company, Premier Inn, and Whitbread.
Hostmore chairman Gavin Manson said: "Julie has impressed the board immensely during her period as interim CEO and her positive impact is already being felt throughout the organisation.
"The board is pleased that Julie has accepted the permanent CEO position and we look forward to working with her to deliver on our key objectives for the business."
In its most recent financial results for the financial year to 1 January 2023, the group reported revenue of £195.7m, up 23% on the prior year, with like-for-like sales revenue of £189.1m, an increase of 22% increase on the company's 2021 financial year.
This resulted in earnings before interest, tax, depreciation, and amortisation (EBITDA) of £31.1m, slightly lower than the £34.5m recorded the prior year.
In the report, the business revealed it had agreed with its brand franchisor to defer all further new store opening obligations for the next two years, with no new openings planned, to save an estimated £13m in capital expenditure to repay the group's loans and borrowings.
Revenue in the first 16 weeks of the 2023 financial year, adjusted for the variance in VAT rate on food sales, has been 2% higher than 2022, reflecting the impact of anticipated softer consumer demand offset by higher spend per head.
Manson added: "Hostmore's first full year of being an independent listed company has been challenging for the economy and consumers – and for the company.
"The impact on consumer confidence of the rapidly increasing inflationary pressures arising from the Russian invasion of Ukraine in February 2022 changed the nature of the market in which we are operating. We have adapted our marketing and capital allocation policy to these new circumstances and are now firmly focused on delivering improved performance from our core TGI Fridays estate; not undertaking new site openings for our brands in FY23 and FY24; and continuing our cost reduction and debt repayment."
