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.
Wagamama owner The Restaurant Group agrees £340m debt terms with lender December 22, 2022 The Restaurant Group has announced an amendment and extension of its debt facilities, with a revised £340m package. On Thursday, the owner of the Wagamama and Frankie & Benny’s brands said the new deal comprised of a £220m term loan facility and a £120m revolving credit facility with its existing lenders. The new terms represented [...]
Wagamama owner enjoys sales rebound but warns of ‘uncertain’ consumer environment September 8, 2022 The owner of the Wagamama restaurant group has seen sales surge in its half-year results, as an “uncertain consumer environment” looms. The Restaurant Group said total sales hit £423.4m in the 26-week period to 3 July, versus £216.8m in 2021. Diners returned to the group’s restaurants and pubs after the easing of Covid restrictions, with [...]
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 [...]
Former Cadbury chief to head Wagamama’s owner Restaurant Group October 27, 2021 Cadbury’s former chief financial officer Ken Hanna is reportedly set to become the next chairman of Restaurant Group, which owns several chains including Wagamama, Frankie & Benny’s and Chiquito. A stock market announcement is expected to be made on Thursday, Sky News reported, a day after hospitality companies learnt they will be given a 50 [...]
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 acquires Mexican restaurant brand Barburrito in £7m swoop July 12, 2022 The owner of Wagamama restaurants has acquired Mexican fast-casual restaurant brand Barburrito for £7m. Announcing the takeover on Tuesday morning, the Restaurant Group said the purchase represented a next 12 months run-rate EBITDA multiple of 4.4x. The London-listed group said Barburrito’s offering was “well aligned with key consumer trends including healthy eating, convenience, customisable cuisine,” [...]
Wagamama owner warns of ‘volatile market’ as food and drink inflation surpasses expectations May 24, 2022 The owner of Wagamama has warned food and drink inflation is anticipated to be as high as 10 per cent this year, higher than earlier estimations. In a trading update ahead of its AGM, The Restaurant Group (TRG) said its cost pressures had been exacerbated by the war in Ukraine. Food and drink inflation was [...]
Wagamama sales surge ahead of pre-Covid levels as the Restaurant Group ‘mindful’ of Ukraine inflationary impact March 16, 2022 Wagamama owner the Restaurant Group has reported sales surging ahead of pre-pandemic levels as the hospitality sector recovers from lockdowns. In full-year results, the operator said like-for-like sales at Wagamama, plus its pubs and leisure divisions, were well ahead of the 2019 comparable. Pub sales were up nine per cent while its leisure division saw [...]
Wagamama owner hikes full-year estimates after sales surge November 16, 2021 Wagamama’s owner has upgraded its estimates for the financial year, forecasting adjusted EBITDA of up to £79m. In a trading update published on Tuesday morning, The Restaurant Group said its venues had traded well with like-for-like sales outperforming the market. There had been strong sales across the Wagamama brand, as well as its pubs and [...]