The Restaurant Group sees total sales up 57% after Wagamama acquisition

17 May 2019 by
The Restaurant Group sees total sales up 57% after Wagamama acquisition

The Restaurant Group has seen total sales increase by 57% following its acquisition of Wagamama, it has said in a trading update.

The group said Wagamama had continued to outperform the market in the update for the 19 weeks ending 12 May 2019, with results further boosted by a record number of pub and concession openings.

Like-for-like sales for the group, which also owns brands including Frankie & Benny's and Chiquito, were up 2.8%.

The group said ahead of its AGM today that it was "comfortable" with its performance and focused on optimising its leisure business against the backdrop of a declining market.

The Restaurant Group purchased 133-site strong Wagamama in a deal that valued the company at £559m towards the end of 2018, in a move that it described as "transformative".

In the group's annual results for the year to 30 December 2018, it had seen a drop in like-for-like sales of 2%.

Wagamama will be "transformative" for the Restaurant Group >>

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