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RTN Restaurant Group Plc

0.00 (0.0%)
Last Updated: 09:32:05
Delayed by 15 minutes
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
  0.00 0.0% 64.60 1,496,373 09:32:05
Bid Price Offer Price High Price Low Price Open Price
64.60 64.70 64.80 64.60 64.70
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Eating Places 883M -68.5M -0.0889 -7.27 497.56M
Last Trade Time Trade Type Trade Size Trade Price Currency
11:06:41 O 2,757 64.60 GBX

Restaurant (RTN) Latest News (7)

Restaurant (RTN) Discussions and Chat

Restaurant Forums and Chat

Date Time Title Posts
16/11/202312:01RTN With Charts3,308
16/3/202214:33Restaurant Group134
05/12/202100:59Shareholder perks6
04/9/201910:05good 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 30/11/2023 08:20 by Restaurant Daily Update
Restaurant Group Plc is listed in the Eating Places sector of the London Stock Exchange with ticker RTN. The last closing price for Restaurant was 64.60p.
Restaurant currently has 770,212,928 shares in issue. The market capitalisation of Restaurant is £497,557,551.
Restaurant has a price to earnings ratio (PE ratio) of -7.27.
This morning RTN shares opened at 64.70p
Posted at 06/11/2023 09:54 by adobbing
I have small (250 share) holdings in 4 separate tranches, to maximise the number of shareholder vouchers family members can access.
1 of which is an ISA with the shares in the nominee account.

I’ve had the voting forms for all of them, even the nominee account.
So I think the “small” shareholder’s could actually punch well above their weight!
Posted at 26/10/2023 06:48 by john09
Dead giveaway when the price started to creep up yesterday
Posted at 12/10/2023 12:13 by mr whizz
The bid is at 65p but the share price is just over 66p as I write so the market must think something else could happen.....hopefully another bidder in the wings??!
Posted at 12/10/2023 11:09 by grafter
The deal with Apollo comes after a long-running battle with Oasis Management, which in February, accused the board of mismanaging the company and overseeing "one of the worst performing share prices of any UK leisure company"
Posted at 26/9/2023 11:54 by adobbing
Wagamama’s Activist Menu Is Gaining Traction

Activist 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 11/9/2023 07:20 by grafter
Bloomberg - 'RTN looking very appetising today'
Posted at 06/6/2023 11:06 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 31/5/2023 12:22 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 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.
Restaurant share price data is direct from the London Stock Exchange

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