FRANKIE & BENNY’S and Chiquito owner The Restaurant Group has announced the departure of chief financial officer Barry Nightingale.

Mr Nightingale, a turnaround specialist who previously led a cost-cutting drive at Monarch Airlines, had been hired by the group as it sought to improve its fortunes after a series of disappointing results. Chairman Debbie Hewitt said: “On behalf of the Board, I would like to thank Barry for the valuable contribution that he has made over the past year, as we began the company’s turnaround process, which continues to progress well.”

Shares closed down nearly three per cent, or 9p, at 356.4p.