Wagamama owner TRG dines out on cost savings as closure programme continues July 19, 2023 Wagamama owner The Restaurant Group (TRG) has seen revenues rise despite the cost of living crisis, it confirmed this morning, with plans to reduce overheads with a raft of closures continuing apace. Like-for-like sales in its most popular chain, Wagamama grew 21 per cent in the two weeks to 16 July 2023, despite trading being [...]
Tortilla Mexican Grill: Revenues surge by over a fifth after expansion July 17, 2023 Tortilla Mexican Grill raked in revenues of £32.7m during the first leg of the year, up 22 per cent compared to the same period last year, off the back of a string of new site openings. The fast-casual restaurant chain was bolstered by new openings and growing demand, saying like for like revenue also grew [...]
Wagamama owner waves goodbye to CFO as part of top team shake up June 21, 2023 Wagamama’s owner The Restaurant Group (TRG) is waving goodbye to its chief financial officer, Kirk Davis, as part of a shake up of its top team. The hospitality group, which also owns high street eateries such as Frankie & Bennys, said that Davis will step down after the publication of its interim results in September [...]
TRG: Nearly half of shareholders vote against chief’s hefty pay as tension with investors grows May 23, 2023 Shareholders dealt a major blow to The Restaurant Group (TRG) chief Andy Hornby today after large numbers voted against bosses latest pay packets. Hornby was stung by shareholders in the Wagamama’s owner after 46 per cent voted against the company’s pay report for last year at the firm’s annual general meeting in London. Hornsby received [...]
Wagamama owner TRG under new pressure from investors ahead of AGM May 14, 2023 The Restaurant Group has come under renewed pressure from investors as Coltrane Asset Management called for change at the company after building a 3 per cent stake in the firm. The New-york based activist investor told The Sunday Times that it backed proposals by another investor, Oasis Management, for the group to sell off its [...]
TRG: Analysts bump up share price target after strong growth May 2, 2023 Shares in Wagamama owner, The Restaurant Group (TRG), soared over 13 per cent this morning as it reported strong growth for the year so far, defying previous concerns from investors. TRG told the market that Wagamama sales were up nine per cent in the first leg of the year and performance in its pubs and [...]
TRG: Wagamama owner admits dining out will ‘never recover’ from Covid – but chains will not disappear from High Street March 13, 2023 The chief executive of Wagamama‘s owner The Restaurant Group (TRG) has claimed that dining out will never be as popular as it was pre-pandemic – but reassured chains will not disappear from the British high street altogether. “I don’t think the [casual dining] industry will never be quite as big as it was,” Andy Hornby, [...]
Wagamama owner TRG to close 35 locations as cost of living crisis digs into profits March 8, 2023 The Wagamama owner said that it will shutter some 35 “loss making” locations taking its portfolio from 166 restaurants down to 75-85 due to a “tough macro-environment,” which has deterred customers from eating out.
Shareholder spat at The Restaurant Group hots up as investors demand improvement February 21, 2023 The Restaurant Group (TRG) came under increasing pressure today after its second largest shareholder, Oasis, doubled down on its demands to immediately improve the firm’s struggling share price. Oasis, which has a 6.5 per cent stake in TRG, has argued that the chain needed an “immediate” change of governance because it had “one of the [...]
Wagamama owner has ‘little hope for future’ activist shareholder says, urging major strategy overhaul February 16, 2023 Wagamama owner The Restaurant Group has shown “little hope for the future” and is in need of a strategy overhaul, an activist shareholder has urged. Oasis Management, a hedge fund which holds a 6.5 per cent stake in the company, called on the hospitality firm to “re-align its priorities” and take immediate steps to restore [...]