City financier and former Boris Johnson adviser Edi Truell wants to gobble up Wagamama

 
Shruti Tripathi Chopra
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Wagamama’s turnover increased 15.7 per cent to £64.2m in Q3 2016/17 Caption sits on a baseline. Picture end on baseline above

​City financier Edi Truell is plotting a bid for restaurant chain Wagamama.

Wagamama is currently owned by Duke Street Capital, a private equity vehicle Truell set up in 1998 and left in 2007, and Hutton Collins.

The noodle bar chain is being circled by buyers including the Disruptive Capital Finance boss who is planning to make a joint bid for the business.

“We believe that the business is worth £530m and are working with a trade bidder to make a joint bid,” Truell told City A.M.

Read more: City financier puts forward new rescue plan for Tata Steel pension scheme

The business is expected to be put on sale soon, the Sunday Times reported.

Truell, who advised former London mayor Boris Johnson on pensions, put forward a new rescue plan for Tata Steel’s UK pension scheme earlier this year.

His plan was shot down after the British Steel pension trustees labelled Truell’s plans as not “viable”.

Wagamama, Duke Street and Hutton Collins could not be reached for comment.

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