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Wagamama will be “transformative” for the Restaurant Group

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Wagamama will be “transformative” for the Restaurant Group

The Restaurant Group (TRG) believes that its acquisition last year of pan-Asian brand Wagamama will be transformative for the company.

In the group’s annual results for the year to 30 December 2018, the company said that the addition of Wagamama, comprising 133 sites, will help the business “address delivery opportunities via restaurants and delivery kitchens, pilot pan-Asian cuisine ‘food-to-go’ offerings, explore international growth options and deliver at least £22m of synergies”.

TRG, which spent £559m on the acquisition of Wagamama, reported a 2% drop in like-for-like sales, with total sales up to £686m.

The 12-month period also saw the concessions business open 21 new units and enter four new airports, while a record 21 pubs were launched.

Following the end of the reporting period, like-for-like sales were up 2.8% for the 10 weeks to 10 March 2019.

Andy McCue, chief executive officer of TRG, said: “We have made significant progress in 2018, acquiring a differentiated, high-growth business in Wagamama, opening a record number of new sites in both our pubs and concessions businesses, and driving improved like-for-like sales momentum in the leisure business throughout 2018. We now have a business that is orientated strongly towards growth and we continue to focus on delivering shareholder value.”

TRG operates a total of more than 650 restaurants and pub restaurants throughout the UK. Its brands include Frankie & Benny’s and Chiquito.

Restaurant Group shareholders approve £559m Wagamama purchase >>

The Restaurant Group CEO Andy McCue announces his departure >>

 

 

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