The release of the latest James Bond film, No Time to Die, was last week pushed back seven months due to the coronavirus outbreak. The announcement, which prompted some City wags to remark that it was “no time to buy”, sent shares in cinema chains tumbling.
The contagion spread to The Restaurant Group, which has numerous sites near cinemas. Its shares fell 11% to 86.5p, valuing it at £425m.
The Bond news was the last thing chief executive Andy Hornby needed. The former HBOS leader revealed in February that he was suspending the dividend and closing up to 90 restaurants. He wiped more than £100m from the value of the division that holds tired brands such as Chiquito and Frankie & Benny’s, blaming onerous