The Restaurant Group
British hospitality company From Wikipedia, the free encyclopedia
The Restaurant Group plc is a British chain of restaurants and public houses. Their principal trading brands are Wagamama and Barburrito. The Group also operates Pub restaurants and a Concessions business which trades principally at UK airports.
| |
| Company type | Private |
|---|---|
| Industry | Restaurant |
| Founded | 1987 |
| Headquarters | London, England |
Key people | Ken Hanna (Chairman) Andy Hornby (CEO) Kirk Davis (CFO) |
| Revenue | £459.8 million (2020)[1] |
| £(49.7) million (2020)[1] | |
| £(119.9) million (2020)[1] | |
| Owner |
|
Number of employees | 14,000 (2021)[2] |
| Website | www |
History
Summarize
Perspective
The company was founded by Matthew Brown from Chatteris in 1987 as City Centre Restaurants plc with the objective of owning and managing the Garfunkel's Restaurant chain.[3] In the late 1980s, it bought the Mexican foodchain Chi Chi's and renamed it Chiquito.[3]
In 1995, four years after it was reported to have 151 restaurants,[4] the firm opened its first Frankie & Benny's in Leicester.[3] Then, a month before making an unsuccessful bid for Ask Central plc,[5] it changed its name to The Restaurant Group plc in January 2004.[6]
In 2006, TRG bought back the Deep Pan Pizza chain, which it had previously sold to the management.[7] In 2018, two years after announcing the closure of 33 units due to falling sales and profits,[8] the firm purchased noodle chain Wagamama for £559m, to diversify its portfolio.[9]
In May 2018, the Brunning & Price division purchased the Ribble Valley Inns, a collection of restaurant and real ale pubs in the north of England, from the Northcote Group for an undisclosed sum.[10] In August, the division purchased the 11-strong portfolio of Food & Fuel Pubs, which included two Coco Momo wine bars, for £15.4 million.[11]
On 3 June 2020, during the COVID-19 pandemic in the United Kingdom, The Restaurant Group told employees a "large number" of its outlets would not reopen after lockdown;[12] up to 120 restaurants, mainly Frankie & Benny's, were set to close permanently,[13] with the loss of between 2,000 and 3,000 jobs.[14] On 8 June, TRG said it was in discussions with its landlords about potential restructuring options,[14] and three days later announced it had entered a company voluntary arrangement (CVA) and planned to cut 125 sites.[15]
In October 2020 the business suffered a significant shareholder revolt over the proposed pay package of its chief executive, Andy Hornby. After a year involving over 4,000 job losses and approximately 230 restaurant closures more than a third of investors opposed the package.[16]
In 2023, The Restaurant Group sold most of its portfolio except for Wagamama, Brunning & Price and Barburrito to The Big Table Group for £7.5 million.[17][18] In October, the board of the company announced that it intended to recommend to shareholders that they accept a £506 million takeover offer from US buyout group Apollo Global Management (APG).[19]
In December 2023, it was announced that Apollo had completed its purchase of the company for £701 million.[20]
Operations
As of December 2019, The Restaurant Group plc operated over 400 restaurants and pub restaurants throughout the UK. It also operates a multi‐brand Concessions business which trades principally in UK airports. In addition, the Wagamama business had 6 restaurants in the US and over 50 franchise restaurants operating across a number of territories.[1]
Subsidiaries
- Barburrito
- Brunning & Price
- Wagamama (flagship brand)
See also
References
External links
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