The Restaurant Group prepares to raise £315m for Wagamama deal despite criticism November 12, 2018 The Restaurant Group (TRG) pushed ahead with a rights issue to raise £315m to finance its acquisition of Wagamama today, despite concerns from analysts and investors. The rights issue to raise cash for the takeover will be underwritten by JP Morgan Securities, TRG said this morning, in a deal valuing the chain at £559m. “This a transformative deal [...]
Zizzi’s Salisbury Novichok attack restaurant doubles customers on re-opening November 12, 2018 The restaurant which was caught in the middle of the Salisbury Novichok poisoning has doubled its customers since re-opening last week. The Salisbury branch of Zizzi was closed after traces of the Novichok nerve agent used to poison Sergei and Yulia Skripal were reported to have been discovered at the Italian restaurant. “The last two [...]
Shake up at Dirty Martini as owners appoint advisers for possible sale November 11, 2018 The group that runs the Dirty Martini chain of cocktail bars confirmed today it had appointed advisers to examine a sale. CG Restaurants said it had “received a number of unsolicited approaches, which are being considered in the context of delivering best value to our shareholders.” It also said: “This may or not result in [...]
Analysts express doubt over The Restaurant Group’s takeover of Wagamama’s November 11, 2018 Analysts have expressed doubt over Frankie and Benny’s owner The Restaurant Group’s (TRG) £600m acquisition of Asian fusion chain Wagamama’s. TRG is the preferred bidder in the sales process which was sparked in June by Goldman Sachs on behalf of private equity backers Duke Street and Hutton Collins, it was announced last month. However analysts [...]
Cafe Rouge owner brings in restructuring expert to negotiate lower rents November 4, 2018 Cafe Rouge owner Casual Dining Group has engaged a restructuring specialist to negotiate lower rents with landlords, the company revealed today. The group, which also owns restaurant chains Bella Italia and Las Iguanas, has hired Alvarez & Marsal to drive down prices as the group struggles in a "tough operating environment". The casual dining sector has [...]
Just Eat warns on profits as it burns cash to compete with rivals November 1, 2018 Online takeaway giant Just Eat's share price climbed this morning, despite a warning to investors that efforts to fight off rivals Deliveroo and Uber Eats would take a chunk out of the company's profits. Branching out into markets in Latin America, investing in its own delivery network and acquisitions are likely to weigh on earnings, the FTSE [...]
‘Gun to our heads’: Frustrated shareholders plan to vote through Patisserie Valerie rescue deal November 1, 2018 Shareholders are set to vote through a rescue deal to keep Patisserie Valerie afloat this morning, despite frustration at being kept in the dark about its accounting scandal. The cake shop has asked shareholders to approve a £15m cash injection to keep the business alive, but has refused to tell investors what has gone wrong [...]
Eat it up: Chiquito owner’s share price sinks as it confirms £559m Wagamama takeover October 30, 2018 Frankie & Benny's owner The Restaurant Group (TRG) saw its shares crash by almost 18 per cent in early trading today, as it launched a takeover approach for Wagamama. TRG has agreed to buy the holding company behind the pan-Asian restaurant chain, Mabel Topco, for a cash sum of £357m, saying it represents an enterprise [...]
Chiquito owner The Restaurant Group to bid £600m for Wagamama October 29, 2018 The Restaurant Group (TRG), which owns brands such as Frankie & Benny’s, Chiquito and Garfunkel’s, is in advanced negotiations to acquire Asian fusion restaurant chain Wagamama for £600m. TRG is now the preferred bidder in the sales process, which was initiated in June by Goldman Sachs on behalf of Wagamama’s private equity backers Duke Street [...]
Interiors: London’s newest retail and design hub Coal Drops Yard is now open in a revamped King’s Cross October 29, 2018 Dressed in high-vis, I stood in the autumn sunshine in King’s Cross for my sneak peak of the newest district to open within its regeneration project – Coal Drops Yard, which opens today. While I waited for my tour, I was diverted by a hording plastered with covers of The Face from 1991 – magazines [...]