Wagamama owner Restaurant Group to sell leisure business to Big Table Group (updated)

Restaurant

11/09/2023 07:28

(Adds details on deal and context)
       Sept 11 (Reuters) - The Restaurant Group (TRG)  RTN.L 
on Monday agreed to sell its loss-making leisure business, which
includes brands Frankie & Benny's and Chiquito, to Cafe Rouge
owner Big Table Group to bolster margins and cut debt.
    Wagamama owner Restaurant Group said it will pay 7.5 million
pounds ($9.38 million) to Big Table as part of the deal, which
includes 75 sites and restaurants.
    The buyer will pay Restaurant Group a nominal value of 1
pound. 
    Private equity-owned Big Table Group operates more than 160
sites across the UK, with restaurant brands including Bella
Italia, Las Iguanas and Banana Tree.
    The deal is expected to close in the fourth quarter, and
likely to add to the earnings in the first full year after
completion, TRG said.

       
    ($1 = 0.7992 pounds)
    

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))