All The Restaurant Group (TRG) articles
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NewsTRG Concessions: ‘If you don’t change, you don’t evolve’
CEO Jon Knight discusses the division’s evolving menu management strategy, building relationships with franchise partners, and the behaviours of a varied travel hub consumer
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NewsPizza Express decides not to make an offer for TRG
Parent company Wheel Topco has cited market conditions for not proceeding with a bid for TRG
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NewsPizzaExpress owners may make rival bid, TRG says
The Restaurant Group has said it will ‘carefully consider’ a rival bid, which may result in a bidding war between Apollo and PizzaExpress owners Wheel Topco
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Analysis & InsightTRG/PizzaExpress combination offers ‘compelling logic’
MCA asks industry commentators about a potential bid by PizzaExpress owner Wheel Topco for The Restaurant Group, a deal that could not only see cost synergies but combine two of the high street’s biggest brands
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NewsPizza Express makes approach for TRG
The Restaurant Group has confirmed Pizza Express has made a request for information to evaluate a possible rival offer for the company
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NewsInvestor slams The Restaurant Group’s £506m price tag
Activist investor TMR Capital has slammed the price of the buyout deal for The Restaurant Group (TRG), claiming it undervalues the Wagamama-owner by around £100m
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Analysis & InsightTRG/Apollo: ‘It’s rather cheap’
Following a bid for The Restaurant Group to be taken private by US private equity giant Apollo Global Management, MCA hears from analysts and commentators about their verdict on the proposed £506m cash deal
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Analysis & InsightTRG bid an ‘attractive offer’
Analysts said Apollo’s agreement to acquire The Restaurant Group for £506m represents a “fairly full” valuation
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NewsTRG to be taken private in £506m deal
The Restaurant Group has reached an agreement with Apollo Global Management for an all cash acquisition, representing an EBITDA multiple of x9
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Analysis & InsightBig Table takes on ‘substantial risk’ with TRG Leisure estate
Following the payment of a £7.5m ‘dowry’ to take on The Restaurant Group’s Leisure business, MCA explores the challenges facing The Big Table Group as it’s tasked with turning around the loss-making estate
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Analysis & InsightTRG’s leisure disposal ‘removes poison pill’
The Restaurant Group’s offloading of its leisure business was hailed for its “strong strategic rationale”, while the sites “may do better” under The Big Table Group, according to analysts
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InterviewsBig Table to drive ‘strong improvements and synergies’ with Leisure acquisition
The group will find savings in the supply chain, overheads, and culture in its newly acquired business, CEO Alan Morgan tells MCA
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NewsTRG announces sale of Leisure business to Big Table Group
The Big Table Group will take over the division, principally consisting of the Frankie & Benny’s and Chiquito brands, in a deal expected to complete in October - with TRG paying a cash contribution of £7.5m as part of the transaction
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NewsTRG chairman Ken Hanna to step down
Hanna, who will not seek re-election in 2024 due to personal reasons, has become the focus of criticism from activist investors such as Irenic
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Analysis & InsightInterims ‘reinforce’ TRG’s negotiating position
Outperformance, delivered in a competitive environment, puts the Wagamama owner in a stronger position as it weighs potential asset disposals, according to analysts
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InterviewsTRG: ‘We’re reviewing our options from a position of strength’
CEO Andy Hornby tells MCA that the group’s Wagamama and Pubs divisions have seen real volume growth and outperformed the market, with the pace of expansion accelerated accordingly
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NewsThe Restaurant Group deliver strong sales growth
The group said it has made “significant progress” in the first eight months of the year, delivering strong like-for-like sales growth despite the consumer backdrop
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NewsActivist investor weighs bid for TRG divisions
Activist investor TMR Capital is reported to be weighing a bid for The Restaurant Group’s Brunning & Price and Leisure divisions
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Analysis & Insight
Pressures to grow shareholder returns remains for TRG
The pressure to make large disposals also remains, with shareholder Irenic saying improved trading ’highlights the gap between the company’s intrinsic value and its significantly lower share price’
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NewsTRG reports strong trading in year to date
The Restaurant Group has said it is reviewing its strategic options while accelerating the expansion of Wagamama, and reported progress on the rationalisation plan for its leisure estate