TMR Capital Looks to Acquire Restaurant Group’s Frankie & Benny’s Division
Activist investor TMR Capital is reportedly considering a bid for a group of hospitality brands, which includes Frankie & Benny’s, owned by The Restaurant Group.
TMR, with a 1.75% stake in TRG, aims to break up the group to focus on expanding its flagship brand, Wagamama. Now, TMR is exploring the possibility of acquiring TRG’s ‘leisure’ division, which encompasses Frankie & Benny’s, Chiquito, and Brunning & Price pub operation, according to The Sunday Telegraph.
The two divisions together manage over 100 sites in the UK. Analysts estimate that a ‘knockout’ offer for the divisions could be in the vicinity of £200 million.
Tasty: TMR is considering a bid for TRG’s ‘leisure’ division – which includes Frankie & Benny’s and Chiquito
If the sale proceeds, TRG will be left with only Wagamama, the Asian-themed chain acquired in 2018, and its pubs in airports and railway stations.
TRG has not commented on the potential bid but stated that it will continue to explore “wider strategic options.” The group is currently in the process of closing 35 sites within its underperforming leisure division, while Wagamama has experienced 5% growth in sales.
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