Propel Morning Briefing Mast Head CPL Training Link Paul's Twitter Link Subscribe Unsubscribe Web Version Propel Info website Propel Info website Forward Email Black Sheep Banner Morning Briefing Strap Line
Wed 28th Nov 2018 - TRG shareholders approve £559m Wagamama deal
TRG shareholders approve £559m Wagamama deal: The Restaurant Group’s (TRG) shareholders have approved the company’s £559m acquisition of Wagamama. About 60% voted in favour of the deal at a meeting today (Wednesday, 28 November). The deal will see TRG acquire the entire share capital of Mabel Topco – Wagamama’s holding company. TRG will use a combination of cash, debt and a £315m fully underwritten rights issue to fund the acquisition. TRG chief executive Andy McCue had called the deal an “exciting and transformative opportunity to create a business that can pursue a truly multi-pronged growth strategy and create substantial value for shareholders”. However, the announcement received a mixed reaction from analysts and shareholders with several major TRG investors publically opposing the plan, leading to fears the deal could be rejected. Having been approved, however, the deal is expected to complete on Friday, 21 December. TRG has said it sees potential for a further 40 to 60 Wagamama sites in the UK and expects to convert at least 15 TRG sites to the Wagamama brand by December 2020. Wagamama directly operates 138 sites in the UK and US and 58 franchise sites overseas. The company saw UK like-for-like sales increase 8.5% in the first quarter of its new financial year. Wagamama will be run as an autonomous division of the enlarged group. Emma Woods, current Wagamama chief growth officer, will become Wagamama chief executive, reporting to McCue. Allan Leighton, current Wagamama chairman, will join the TRG board at completion of the deal as a non-executive director.

Return to Archive Click Here to Return to the Archive Listing
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Quarterly Spring 2018view online
Propel Premium
Bombardier Banner
Star Pubs and Bars Banner
Bonac Banner
Liquid Brands
Commercial Kitchen Banner
Ei Group Banner
Freeths Banner
UK Hosptality Operations Mangers Awards 2019
Best Bar None Banner
HGEM Banner
Zonal Banner
Hastee Pay Banner
COREcruitment Banner
Sky Banner
Access Banner
Freeths Banner
Venners Banner
liveRES Banner
Pipers Crisps Banner
Tahola Banner Tahola web link
Black Eye Cold Brew Coffee Banner
Pipers Crisps Banner
Punch Taverns Link Punch Taverns Link
Greene King Banner
ALMR Web Link Web Version Unsubscribe Subscribe Propel Info website