Wagamama owner sells transport division to global travel retailer Areas

The Restaurant Group (TRG) has sold its transport concessions division to leading travel hospitality company Areas.

The transaction follows months of speculation that the Wagamama owner would sell TRG Concessions amid tough trading.

TRG Concessions operates a portfolio of 40 concession sites across UK airports under 20 different brands, including Giraffe, Wagamama and San Carlo, as well as tailored concepts, such as the Curator at Heathrow and Bridgewater Exchange in Manchester.

Over the past three years, TRG Concessions has consolidated its presence in UK airports through the renewal of contracts, extensive refurbishments and securing the operations of airport Wagamama restaurants.

Now, under Areas group, TRG Concessions will expand its offering across UK travel hubs, tapping into a wider portfolio of international franchise brands.

Areas, which was founded in Barcelona in 1968, operates 2,000 restaurants and stores across transport hubs in the US, Europe and Latin America under 150 global brands.

TRG Concessions will continue to operate the Wagamama brand in UK airports under a franchise agreement while also seeking opportunities to take the Wagamama brand to European airports.

Andy Hornby, chief executive of TRG, said: “On behalf of everyone at TRG, I would like to express our massive thanks to the extraordinarily hardworking and dedicated teams across the Concessions business, who have consistently delivered high-quality hospitality experiences for both our customers and our airport partners. We wish all the team at TRG Concessions well and I am very confident of their continued success as part of the Areas Group.”

Jonathan Knight, chief executive of TRG Concessions, added: “We are very grateful for the support and investment we have received from Apollo and the wider TRG team. We are delighted to be joining Areas and excited about what the next chapter will bring. Our commitment to our airport and rail partners remains unchanged, and they can expect the same high standards, strong relationships and focus on delivery that have always been at the heart of our business.”

The transaction is subject to customary closing conditions and is expected to complete by 26 July 2026. 

TRG has committed to providing “customary transitional services” for a period of time to ensure a smooth transition for TRG Concessions partners, suppliers, and team members.

TRG’s principal trading brands are Wagamama, Brunning & Price and Barburrito.

In 2023, TRG was sold to private equity giant Apollo Global Management in a £506m deal.