UK's Restaurant Group in talks with Cafe Rouge owner over sale of leisure business
Monday, September 11, 2023
Restaurant Group (RTN.L), owner of Wagamama restaurants and Frankie & Benny's, said on Saturday it was in 'advanced discussions' with the Big Table Group about a possible selling of the leisure business.
"Whilst discussions are ongoing, there can be no certainty that they will lead to a transaction nor as to the final terms of any such transaction," the restaurant group said in a statement.
Sky News has learnt that The Big Table, backed by the private equity company Epiris to acquire the two brands offered by The Restaurant Group (TRG), the London-listed owner of Wagamama.
If the takeover goes through, TRG would pay out a multimillion dollar dowry to The Big Table to get Chiquito's and Frankie and Benny's out of hands, sources told the paper over the weekend.
Restaurant Group in March announced that it would reduce the number of Frankie & Benny's and Chiquito restaurants by approximately 30% to improve margin.
TRG, which confirmed Friday that CEO Ken Hanna would resign despite the company's improving prospects, last week said it will shrink Chiquito and Frankie & Benny's estate from 116 sites at the end of last year to 76 by the end of this
The company owns 380 restaurants and pubs in Britain.