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Thu 21st Dec 2023 - Andy Hornby to remain as CEO of Wagamama owner TRG as £506m takeover deal completes
Andy Hornby to remain as CEO of Wagamama owner TRG as £506m takeover deal completes: Andy Hornby is to remain as chief executive of Wagamama owner The Restaurant Group as the company confirmed the sale of the business to US private equity firm Apollo Global Management for just over £500m had completed. Hornby and chief financial officer Mark Chambers will remain with TRG but chair Ken Hanna and non-executive directors Graham Clemett, Zoe Morgan, Loraine Woodhouse and Helen Keays have tendered their resignations and stepped down from the board. Apollo partners Alex van Hoek and Eugenia Gandoy have joined the board. In October, Rock BidCo (Bidco) – a new vehicle from Apollo Global Management and TRG announced that they had reached agreement on the terms and conditions of a recommended all cash acquisition by Bidco of TRG. The acquisition valued TRG at approximately £506m on a fully diluted basis, and implied an enterprise value of £701m and a multiple of approximately 9.0 times TRG’s adjusted Ebitda for the 12 months ended 2 July 2023. The acquisition price per scheme share represented a premium of approximately: 67% to the volume-weighted average price of 39p per TRG share for the 12-month period ended 11 October 2023. TRG stated: “On 12 October 2023, the boards of TRG and Bidco announced that they had reached agreement on the terms and conditions of a recommended cash acquisition by Bidco of the entire issued, and to be issued, ordinary share capital of TRG, to be effected by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act. TRG is pleased to announce that, following delivery of a copy of the court order to the Registrar of Companies, the scheme has today (Thursday, 21 December) become effective in accordance with its terms and, pursuant to the scheme, the entire issued and to be issued share capital of TRG is now owned by Bidco. As the scheme has now become effective, TRG duly announces that, as of today's date, Ken Hanna, Graham Clemett, Zoe Morgan, Loraine Woodhouse and Helen Keays have tendered their resignations and have stepped down from the TRG board; and Alex van Hoek and Eugenia Gandoy have been appointed to the TRG board. Andy Hornby and Mark Chambers will remain as TRG directors, as chief executive and chief financial officer respectively.” TRG features in the Propel Turnover & Profits Blue Book. Its turnover of £883m for the year ending 1 January 2023 is the 16th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.

Gino D’Acampo to open new Manchester restaurant, plans three more UK openings in 2024: Chef Gino D’Acampo is to open a new restaurant and bar in Manchester. The new premium Italian restaurant and bar – Gino D’Acampo, Manchester – will open at the Innside by Melia Manchester hotel in February, following a £800,000 refurbishment of the First Street venue, which D’Acampo’s team currently operates under the First Street Bar & Kitchen brand. The opening of the 200-seated open-plan restaurant and bar lounge follows restaurants in Newcastle and Liverpool. D’Acampo also owns and operates upmarket venues in London and Leeds, with three further UK sites planned for 2024. The menu at Gino D’Acampo, Manchester will feature classic Italian dishes prepared from scratch. The drinks menu will feature cocktails, Italian and international wine, Prosecco, Franciacorta, spirits, and artisan beer. D’Acampo said: “I have a long relationship with the city having opened one of my first restaurants here almost ten years ago and I’m delighted to return to the heart of Manchester, as planned. It has always been our intention to open a Gino here, at the beautiful Innside Manchester hotel, and I’m looking forward to launching this early next year.” The opening will be D’Acampo’s third collaboration with Innside by Meliá, part of Spain’s largest hotel group Meliá Hotels International. Garry Fortune, UK director of operations at Meliá Hotels International, said: “Gino and his team are a trusted and much respected partner with a proven track record for delivering on performance. We are thrilled to continue our work together with the opening of Gino D’Acampo Manchester, our third collaboration in the north.” The Gino D’Acampo restaurants brand is part of Upmarket Leisure. Established in 2021, the premium hospitality group invests in upmarket restaurants and bars in the UK and internationally, as well as providing experiential food and beverage solutions to global hotel partners. Innside by Meliá has hotels in 37 locations, spread across 16 countries with seven additional properties in the pipeline.

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