Tomahawk repays employee loans with bonus

NorthumberlandBoro

NorthumberlandBoro

Well-known member
Restaurant chain Tomahawk Steakhouse has paid back controversial loans it received from furloughed workers – adding an extra 20% as a ‘thank you’ to staff.
A spokeswoman for Tomahawk Steakhouse said: “As part of the voluntary agreement signed by all of our staff, we promised that any monies loaned would be returned as soon as we were financially able.

“Following the Budget announcement last week, we are delighted to have been able to swiftly honour that promise this week. All staff have now received the loaned amount, along with an additional 20%, as a thank you for supporting the business at this critical time.”

In the original request letter to staff, who work across 12 restaurants, Tomahawk Steakhouse said it had a “short-term cash flow issue and it requires your help and support”. The company later said that all 500 had agreed to the loans.
 
NorthumberlandBoro said:
Restaurant chain Tomahawk Steakhouse has paid back controversial loans it received from furloughed workers – adding an extra 20% as a ‘thank you’ to staff.
A spokeswoman for Tomahawk Steakhouse said: “As part of the voluntary agreement signed by all of our staff, we promised that any monies loaned would be returned as soon as we were financially able.

“Following the Budget announcement last week, we are delighted to have been able to swiftly honour that promise this week. All staff have now received the loaned amount, along with an additional 20%, as a thank you for supporting the business at this critical time.”

In the original request letter to staff, who work across 12 restaurants, Tomahawk Steakhouse said it had a “short-term cash flow issue and it requires your help and support”. The company later said that all 500 had agreed to the loans.
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LOADS of folks sating how good the food is there. it's in the diary for post lockdown meet up with friends.
 
Not sure what was announced in the Budget that suddenly ended their cashflow issues to the extent that they were able to repay everyone with 20% interest within a couple of days. In other words, they have done the right thing but their explanation doesn't stand up to scrutiny. My guess is they've been told that using furlough money to prop up the business is illegal and they've bricked it. It's still strange though that they no longer need that money when a week ago their position was it was absolutely necessary to keep the business afloat.
 
I guess some staff agreed to it to stop their job role from being reviewed but were very annoyed about it so told the press.

Good result for staff but terribly handled by the business.
 
Glad the staff got their money back, plus more, but more importantly that their jobs are seemingly safe.

I can't see one major thing in the budget which will have helped them, but it may have helped someone else help them, or maybe a combination of a lot of smaller things, who knows, hard to know the current intricacies and cash flows of a business. In the budget there were some good things though, like tax breaks to lenders, which may have helped them get finance, 5% VAT over summer and then 12.5% to next March, and no booze tax increases, this should boost upcoming profits. Business rates holidays were extended to June also, which will probably have saved them chunk.

It could also be that the scheme has had the plug pulled on it, they've had external investment or someone's called off the hounds until after summer. Either way, it was a PR nightmare, the way they went about it, so at least they u-turned on that quickly.
 
PR disaster that will cost them so much more in the long run.

Pleased that the staff got their money back and would hope that anyone who were planning to go still go and eat there as it would be the same staff that will ultimately suffer from any boycott.
 
TeaCider said:
Can't have been that desperate if they're paying back a lot extra before they've even reopened.

Idiots, their reputation will be in the pits right now, glad the staff won't be out of pocket now though.
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Exactly. Still trotting out the all 500 employees accepted it crap aswell 🤣

Something very amiss about the whole saga.
 
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