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Restaurant Group Plc

0.90 (2.06%)
Share Name Share Symbol Market Type Share ISIN Share Description
Restaurant Group Plc LSE:RTN London Ordinary Share GB00B0YG1K06 ORD 28 1/8P
  Price Change % Change Share Price Shares Traded Last Trade
  0.90 2.06% 44.50 691,775 16:35:28
Bid Price Offer Price High Price Low Price Open Price
44.40 44.75 45.00 43.50 43.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Eating Places 883.00 -68.50 -9.00 - 340.45
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:28 UT 149,185 44.50 GBX

Restaurant (RTN) Latest News

Restaurant (RTN) Discussions and Chat

Restaurant Forums and Chat

Date Time Title Posts
31/5/202317:48RTN With Charts3,255
16/3/202214:33Restaurant Group134
05/12/202100:59Shareholder perks6
04/9/201911:05good value2
17/11/201408:01RTN, HILS & PCTN on the menu today.-

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Restaurant (RTN) Most Recent Trades

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Restaurant (RTN) Top Chat Posts

Top Posts
Posted at 31/5/2023 17:48 by adobbing

If you don’t know what relevance it is to RTN, what are you doing posting here?

Posted at 31/5/2023 15:25 by ali47fish
addobbing what's all this and what relevance to rtn
Posted at 31/5/2023 13:22 by adobbing

Brunning & Price consumers’ ‘top pub operator’

Sector survey: Brunning & Price performed best in a number of PubTrack's metrics

Multiple business Brunning & Price has come out best in new research of consumers’ top operators, according to a survey that has analysed the performance of top pub groups.

CGA by NIQ has launched PubTrack, which combines CGA’s Outlet Index and insights from about 10,000 demographically representative consumers in a bid to provide definitive measures of the levels of recommendations, revisit, satisfaction and more.

It aims to help all pub operators analyse their consumers and benchmark themselves against competitors.

The research breaks down a number of metrics such as region, guest choice drivers as well as trends in areas including trade-ups, venue types and drinks categories.

Brunning & Price came out on top based on a combination of revisit, recommend and satisfaction scores with McMullen & Sons, Brakspear, Daniel Thwaites and Everards all in the top five.

Survey metrics

Top five pub operators, according to PubTrack:

Brunning & Price

McMullen & Sons


Daniel Thwaites


The survey also looked at specific metrics such as NPS scores where Brunning & Price once again topped the list, with Everards and McMullen & Sons also in the top three.

The 80-strong business came out at number one on the likelihood to revisit metric, followed by McMullen and JD Wetherspoon (JDW).

Meanwhile, Daniel Thwaites and Everards ranked behind Brunning & Price in second and third on the likelihood to recommend to friends and family aspect.

However, when looking at satisfaction, Brunning & Price was second to south west-based operator St Austell, with Brakspear in third.

Value for money was another metric looked at as part of PubTrack and JDW led the way in the rankings, followed by Amber Taverns and Cameron’s.

Posted at 10/3/2023 17:06 by libertine
Restaurant Group PLC (LSE:RTN) has “organic recovery potential” that’s according to Citigroup’s London-based analysts.

Citi, in a note today, stuck with a price target of 52p per share (current price: 38.42p) although revised down forecasts for the 2023/24 financial adjusting for margin guidance, following the Wagamama owner’s wider loss reported on Wednesday.

Posted at 07/3/2023 18:04 by libertine
Activist hedge fund threatens removal of The Restaurant Group CEO
March 7, 2023

Activist hedge fund Oasis Capital Management has reportedly delivered an ultimatum to London-listed The Restaurant Group (TRG) – overhaul the company or fire the CEO, according to a report by the Financial Times on Tuesday.

The report, citing two people familiar with the matter, said that Oasis was pressuring the British hospitality group to shake up the business or oust its owner after the Hong Kong-based hedge fund previously expressed its disappointment in how TRG was handling the business.

The Restaurant Group’s RTN, +0.67% stock remained stagnant on Tuesday morning in London, moving down just 0.22%. The shares have struggled to recover from the height of the pandemic, which saw many of its restaurants closed for a number of months, slumping 57% since early 2020 and declining 37% in the last 12 months.

The Restaurant Group is one of the U.K’s biggest casual dining operators, owning over 400 venues across brands such as Japanese-inspired restaurant Wagamama and Italian-American chain Frankie & Benny’s. The group will publish its full-year results on Wednesday.

Last month, the group rejected Oasis’s demand for a seat on the board after declaring a 6.5% stake in the company. Oasis accused the group at the time of having “one of the worst performing share prices of any U.K. leisure company.” It also demanded TRG lead a strategic review of the business by an independent lender, which the group also rejected.

According to one source by the Financial Times, Oasis wants to pressure TRG into a position where it can ““reduce debt, reduce interest, resume dividends…R01;get a higher stock rating, better market cap [and] attract better people.”

Oasis did not immediately respond to a request for comment and TRG declined to comment.

Posted at 02/3/2023 01:09 by porsche1945
Did tell holders to dump this shxt when the share price was over a quid. It’s a dog even by U.K. listed leisure standards, tons of debt, crxp management and the U.K. in terminal decline with high inflation a trashed currency and parabolic rates. The only thing worth any money is Wagamama and they overpaid for that x2 getting stitched up by private equity. Will end up being taken private again. Dump it.
Posted at 01/3/2023 15:39 by queenbreguet
Um maybe there is some truth to this rumour given the way the share price is gaining.
Posted at 01/3/2023 09:40 by queenbreguet
Oasis Reaffirms its Position and the Need for Change at The Restaurant Group
02/21/2023 | 02:01am EST

Oasis, the second largest shareholder in The Restaurant Group (“TRG” or the “Company”;), notes the response of the Board of Directors (“Board”) to our initial press release (both dated 16th February 2023).

Oasis makes the following key points of clarification:

1. TRG’s Communication with the Market:

The Board states that “the operational performance of TRG since COVID has also been strong” across its business. This confirmation is welcomed by Oasis as – most significantly for shareholders –

TRG had not disclosed any trading information on its performance since the publication of its interim results on 8th September 2022.
In TRG’s interim results, the Board highlighted considerable risk associated with the cost-of-living crisis impacting customer spend. However, unlike other major listed companies in the UK hospitality sector, the Board decided not to issue a trading update in January 2022, missing a clear opportunity to inform stakeholders on the impact of those concerns.
Further to this, the statutory accounts provide no segmental information on the operating performance of its four business areas (other than on sales), making it impossible for shareholders and the market to assess how any or all of its segments are performing, and thus, unsurprisingly, TRG is assigned a low valuation rating.
The Board also points to its two-year debt extension as “hugely important”, even though no details were provided on announcement of the new lending terms and the associated costs of the refinancing. One negative outcome is that TRG’s cash headroom has fallen from £227m in June 2021 to £184m in June 2022 and to £140m in December 2022.

Again, Oasis reiterates the need for increased transparency with the market, especially on financially material developments.

2. TRG’s Strategic Review:

Oasis welcomes the limited public disclosure that the Board is reviewing the Group’s strategic options as no announcement had been made on such a review prior to the Board’s response.

Despite this, the Board has refrained from communicating detail on the scope and the process which this review is following. It is important that a process like this is supported and aligned to the expectations of shareholders in order to optimize the outcome, therefore, engagement of shareholders in the process from the start should have been considered necessary.

The Board’s response is the first public announcement of any strategic review conducted by TRG.
The Board has made no prior attempt to publicly communicate any details of the scope or process of this review to shareholders – let alone engage with them on it.

The Board’s decision to exclude shareholders from the ongoing strategic review process necessitates heightened scrutiny on the announced outcome and expectations will be equally high on the retrospective disclosure.

Given this lack of timely and transparent communication, Oasis reminds the Board that it is not a shareholder’s responsibility to come up with the strategy for the Board to consider. However, shareholders are well within their rights to request an independent review following a considerable period of share price underperformance, where no strategic review has been communicated publicly and there is considerable doubt as to the Board’s alignment with the shareholder experience.

3. Oasis’s Shareholding:

Oasis confirms that it has continuously maintained a shareholding in TRG since August 2020 and made the necessary regulatory disclosures when required.

The Board’s attempt to denigrate Oasis’s engagement by their statement that “our Chairman met Oasis face-face for the first time in December 2022” omits to mention that Oasis: (1) has been communicating since well before the incumbent Chair’s tenure; and (2) first requested a meeting with the new Chairman following a meeting with TRG’s CEO in June 2022; the earliest date offered to Oasis was a September phone conversation, nearly three months after our initial request.

4. Engagement with Shareholders:

The Board’s response to our press release also completely avoids any mention of TRG’s three equity capital raises in the past 5 years (two of which were under the current management team) at prices substantially in excess of the current share price.

Shareholders unfortunate enough to participate in those equity raises in the past 5 years (two of which were under the current management team) – have seen the value of their investment collapse by c.70% since 2018.

Longer-term shareholders have suffered even worse, losing a staggering c.93% since the 2015 peak, whilst currently receiving no dividends, buybacks or capital appreciation.

Rather than acknowledge the existence of any longer-term underperformance, the Board’s sole response is to refer to the intervening impact of the pandemic. Without such recognition, shareholders can have no confidence in the Board’s ability to remedy the situation and drive shareholder value growth, which serves only to demonstrate the need for increased Board accountability.

As noted in Oasis’ initial press release, TRG losses are “materially worse than its closest peers, and disproportionately worse than what the impact of the challenging sector backdrop would alone justify” and illustrate a decline “which began before the pandemic”. The Board’s refusal to acknowledge this objective reality serves only to widen the gap between the shareholder experience and the need for accountability at Board level.

Oasis reiterates its desire to co-operate constructively with the Board. However, more of the same ruinous and devastating share price performance is not an option – failure by the Board to recognise and work with stakeholders who are committed to TRG’s future will leave shareholders with no recourse but to seek to hold TRG’s representatives to account.

About Oasis

Oasis Management Company Ltd. manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors. Oasis was founded in 2002 by Seth H. Fischer, who leads the firm as its Chief Investment Officer. More information about Oasis is available at

Posted at 16/2/2023 22:34 by m_kerr
having read the oasis letter, they are spot on. this is not complicated stuff at all. TRG have raised huge amounts of capital, firstly to pay for an overpriced acquisition, and secondly to keep the lights on in their structurally challenged leisure arm. that's a major reason for the share price being down by about 90%. there are problems in terms of a lack of segmental reporting, lack of focus (why are they still running Chiquito and f&b?), and a lack of alignment with shareholders.

despite attacking oasis for owning 6.5%, the board own about 0.3% between them (just as well given the share price performance). their annual remuneration is around 3 X the value of their shareholding. they can't risk their jobs by letting an activist on the board.

TRG respond by attacking the messenger, pointing to the benefits of putting their largest business unit in a CVA (wiping out any equity), and say the rest of the portfolio is 'outperforming' on sales. not impressed at all.

Posted at 15/1/2023 11:59 by adobbing

Share tip: Acquire an appetite for shares in TRG

January 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.

Restaurant share price data is direct from the London Stock Exchange
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