Casual Dining Group, (CDG) the operator of Las Iguanas, Café Rouge and Bella Italia, has announced a new cash investment of £30m as part of a refinancing of the group.
CDG said the capital injection provides a long-term capital structure for the group, strengthens the balance sheet, and positions CDG for growth in a challenging environment.
It has been led by KKR, and with the support of shareholders including funds managed by affiliates of Apollo Global Management, LLC and Pemberton Asset Management,
KKR and Apollo have been investors in CDG since 2015, providing debt and equity funding, and will remain so going forward.
Steve Richards, chief executive of Casual Dining Group, said: “We are delighted to have agreed substantial new investment which establishes a strong foundation to continue to invest in our brands and take advantage of opportunities in the sector as they arise. With no external debt and strong funding, this gives Casual Dining Group a very strong financial platform”
“Against a challenging backdrop, we continue to perform ahead of the market, with total sales up nearly 5% and like-for-like sales up 2.3%, in the past 14 weeks. We have also seen double digit profit uplift in the period. Our growth initiatives gather pace with delivery, partnership openings and our digital-first approach all driving sales. We have opened seven new concession sites in airports and hotels since the start of the year with an active schedule of UK owned and international franchise new openings in the pipeline, building on our existing well invested estate.”
