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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Restaurant Group Plc | RTN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 64.80 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 64.80 | 64.80 |
| Industry Sector |
|---|
| TRAVEL & LEISURE |
| Top Posts |
|---|
Posted at 26/9/2023 12:54 by adobbing Wagamama’s Activist Menu Is Gaining TractionActivist shareholders look to be setting the menu for Wagamama owner Restaurant Group Plc. Having rebuffed calls for change earlier this year, the company has moved to embrace several key recommendations put forward by funds such as Oasis Management Co. and Irenic Capital Management. With investor pressure unlikely to let up, further changes can be expected that focusTRG more tightly on its prized Asian-style noodle chain — and potentially burnish the company’s appeal as an acquisition target. TRG has already taken three steps this month that can be seen as concessions to dissenting shareholders: introduced segmental reporting in its interim results; agreed to sell its unprofitable leisure division, including the Frankie & Bennys and Chiquito brands, for the nominal sum of £1 plus a cash contribution of £7.5 million ($9.2 million); and announced the departure of Chairman Ken Hanna, who has said he won’t seek re-election at next year’s annual general meeting for personal reasons. Hanna was the target of activists’ complaints over governance failings; New York-based Irenic, led by Andy Dodge and Elliott Investment Management alumnus Adam Katz, called in July for him to step down. The changes reinforce what the investors have been saying: that Wagamama is by far the group’s most attractive asset, and should be the focus of TRG’s capital and energies. It is bigger, more profitable and growing faster than the Brunning & Price pub chain, the company’s other principal brand. That unit is also performing well, with a 10% increase in adjusted Ebitda in the first half. The same measure rose 25% at Wagamama, though. |
Posted at 24/7/2023 08:38 by libertine TMR Capital eyes bid for Restaurant Group's Frankie & Benny's division |
Posted at 12/7/2023 12:47 by adobbing Interim Results 2023The Restaurant Group will announce its Interim Results for the 26 weeks to 2 July 2023 on Wednesday 6 September 2023. Half-Year Trading Update The Restaurant Group will provide an update on trading for the first half of 2023 on Wednesday 19 July 2023. |
Posted at 06/6/2023 12:06 by adobbing The Restaurant Group PLC (LSE:RTN) (TRG), owner of Wagamama, could see its share price begin to lift once again after the hospitality group struggled post-Covid, research from Deutsche Bank AG (NYSE:DB) found.Analysts at the bank upgraded the group’s ranking from ‘hold’ to ‘buy’ and increased the price target from 42p to 56.5p. The German bank said: “We believe we are at the end of the downgrade cycle for TRG.” A key driver for the upgrade has been the improving sales growth in 2023 as every month has experienced a year-on-year rise – most impressively a 10.3% jump in January and 7.6% in April, according to CGA figures. Deutsche Bank noted that current data still shows negative volume growth for TRG, highlighting the impact of price increases. In the second half of 2023, the lender sees “scope for volume recovery” that should outperform the increase in wages and “headline inflation”. Additionally, the ten percent hike to the national living wage that came into effect in April is expected to help boost disposable incomes and consumer confidence in the UK. The hospitality group’s principal brand, Wagamama, leads the way in terms of growth, jumping by 9% in April, according to Deutsche Bank. Just behind at an 8% growth rate in April was the group’s pub brands which include Brunning & Price, one of the top operators in the UK. However, TRG’s concessions and leisure divisions still appear to be struggling to develop growth momentum, the bank added. Brands like Frankie & Benny’s and Chiquito have been at the forefront of activist investors' concerns with several shareholders calling for a spin-off of all brands bar Wagamama. |
Posted at 07/3/2023 17:53 by libertine The owner of the Wagamama restaurant chain is being targeted by a second activist investor — Irenic Capital Management — with Oasis Management already pushing the London-based company for changes, according to people with knowledge of the matter.Irenic Capital has had private discussions with the Restaurant Group Plc, the people said, asking not to be identified discussing private information. The talks covered the potential divestiture of its pubs and concessions businesses, increasing disclosure around the profitability of Wagamama and reducing corporate costs, said one of the people. Irenic Capital, founded by Andy Dodge and Elliott Investment Management alumnus Adam Katz, has been amassing a position in Restaurant Group but the size of its stake couldn’t be learned. A representative for Irenic Capital declined to comment. A spokesperson for Restaurant Group decline to comment beyond a February statement, which said “the board welcomes constructive input from all shareholders that is supportive of the creation and delivery of long-term sustainable shareholder value.” In February, the Restaurant Group rejected Oasis Management’s demand for a board seat, saying it was already reviewing strategic options. The company, which is due to report full-year results on Wednesday, operates more than 400 restaurants and pubs across the UK, including chains Frankie & Benny’s, Chiquito and Brunning & Price. The company’s shares have fallen 32% in the past year, leaving it with a market value of £348 million ($416 million). Last year, Irenic Capital was the first News Corp. investor to publicly oppose a plan to merge with Fox Corp., a proposal that was withdrawn by Rupert Murdoch in January. Irenic Capital has also disclosed a position in another British company, Capricorn Energy Plc. Oasis Management, based in Hong Kong, amassed a 5% stake in the Restaurant Group, Bloomberg News reported in January. The activist investor also called the company to increase transparency with the market as well as consider selling its Brunning & Price pubs and airport concessions business, according to letters and a report from The Times. The Restaurant Group acquired Wagamama in 2018 in a £560 million deal. |
Posted at 05/3/2023 09:56 by libertine The activist investor targeting Wagamama’s owner The Restaurant Group (TRG) wants the company to look at selling its Brunning & Price pubs and its airport concessions business in an attempt to cut its debt pile.Hong Kong-based Oasis is understood to be pushing for TRG to unveil divestments on Wednesday when it reveals the results of a strategic review of its business alongside its full-year results. |
Posted at 03/3/2023 17:18 by m_kerr it's been transformed by the restructuring and equity raise which both significantly strengthened the balance sheet. as i've stated before, and as the times article states, IMV they should just shut down the leisure portfolio. there's no value in fake american and mexican casual dining, and it only serves to distract from the growth opportunity at wagamama.the lack of disclosure, as oasis states, makes it impossible to assess profitability and performance of each business unit. they need to segment their results to allow for better accountability and allow investors to estimate the value of each. |
Posted at 01/3/2023 11:13 by adobbing Pub operators crying into their beers over closuresDominic WalshFebruary 28 2023, 12.00am The latest gloomy prognosis, from the British Beer and Pub Association, warns the chancellor that, without support in the forthcoming budget, up to 2,000 pubs could be forced to call time, leading to 25,000 job losses. It wants Jeremy Hunt to freeze beer duty as part of a package of measures, or face the prospect of 288 million fewer pints being sold in locals. There are also rumours that an advisory firm, believed to be PwC, has been approached by another big pubs company about overseeing some form of restructuring or asset sell-off. One suggestion is that The Restaurant Group, under pressure from Oasis Management Company, its Hong Kong-based activist investor, could sell its Brunning & Price gastropub business. Another theory is that one of the groups that has both managed and tenanted pubs could sell off its tenanted and leased division. Shares in The Restaurant Group ticked up 0.7 per cent, or ¼p, to 35¼p, while Wetherspoon gained a frothier 20p, or 3.7 per cent, to 562½p. |
Posted at 21/1/2023 11:20 by adobbing Hong Kong Investor Oasis Takes Aim at Wagamama OwnerOasis Management has taken a 5% stake in The Restaurant Group Activist investor’s move raises prospect of a shake-up Sabah Meddings 19 January 2023 at 18:13 GMT The Restaurant Group has more than 420 restaurants and pubs across the UK, including Wagam The Restaurant Group has more than 420 restaurants and pubs across the UK, including Wagamama. Photographer: Jason Alden/Bloomberg Updated on20 January 2023 at 07:42 GMT The activist fund manager Oasis Management has taken a stake in Wagamama owner The Restaurant Group, raising the prospect of a shake-up at the pub and dining company. Hong Kong-based Oasis, which previously waged a successful activist campaign at British manufacturer Premier Foods, has amassed a 5% stake in The Restaurant Group, according to a company filing. |
Posted at 15/1/2023 11:59 by adobbing Share tip: Acquire an appetite for shares in TRGJanuary 08 2023, 12.01am For the price of a bowl of Wagamama’s flagship chicken ramen, you can buy 40 shares in its owner, The Restaurant Group. Are things really that bleak as the cost of living crisis trims our appetite for eating out? The numbers initially suggest so. In September, TRG — whose brands also include Frankie & Benny’s and pub chain Brunning & Price — took a £45 million impairment charge, blaming inflation and the darkening economic outlook. On top of that, TRG’s sales for the half year to July were still £100 million short of pre-Covid levels, for which it had a scattergun set of excuses, including heatwaves hitting noodle demand. And since then, spending in the casual dining market has weakened, particularly outside the M25, according to the booking firm OpenTable. Meanwhile, some costs are still increasing: the national living wage will rise 10 per cent in April. On the face of it, then, TRG doesn’t look a tasty dish for investors — especially as its boss, Andy Hornby, is most famous for running HBOS when it had to be rescued in a £20 billion bailout. Shares in TRG, which has about 420 restaurants and pubs around the UK, are currently nursing a hangover. A share price that once enjoyed highs above £5 in 2015 is now about 34p, for a market cap of £267 million; it’s notable that TRG paid £559 million for Wagamama just four years ago. But it’s not all gloom. TRG said last month it had struck a deal with lenders to extend its debt coverage by two years, giving it £140 million of cash headroom, while its £7 million acquisition of cheap Mexican food chain Barburrito last summer should allow it to benefit from consumers trading down this year. Further, TRG’s airport concessions span 43 sites that are recovering strongly amid booming demand for trips. This division is set up as its own legal entity after TRG’s pandemic-era restructuring, and analysts reckon that alone could be worth about £100 million. Brunning & Price’s 41 freehold sites are valued at £160 million, meanwhile, and Wagamama remains a middle-class favourite with a strong brand; Roberta Ciaccia at broker Investec describes it as “one of the best-positioned UK leisure companies going into 2023”. Fellow broker Liberum gives Wagamama alone a £700 million enterprise value. Looking at the sum of its parts, TRG looks ripe for a buyout. It’s not an easy or safe investment to slurp up, but when private equity starts shopping for leisure again, TRG looks an appealing purchase. Buy, if you’re looking for a taste of risk. |
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