After experiencing a genuinely transformational year that has brought about profound changes and notable improvements in its business performance, The Restaurant Group (TRG) is now set to undertake an ambitious expansion initiative aimed at increasing its Wagamama presence throughout the United Kingdom.
Growth Strategy Takes Shape
TRG is poised to make a considerable impact in the UK market through the strategic deployment of up to 60 new restaurants, thereby contributing to the growth and diversification of its business.
The planned expansion of Wagamama's UK estate will lead to the creation of approximately 500 new job opportunities as the Asian restaurant chain continues to grow and thrive.
Chief executive Andy Hornby has identified 2023 as a pivotal moment for The Restaurant Group, marking a significant turning point following the company's acquisition by US private equity firm Apollo Global Management in a deal worth £506m.
'2023 was a genuinely transformational year for TRG'
Andy Hornby
TRG's financial performance showed marked improvement in 2023, with a substantial increase in revenue to £824m and a notable reduction in pre-tax losses from £29.1m to £19.6m.
The operating profit of TRG's business, excluding its leisure division, experienced substantial growth in 2023, reaching £29.8m, up from the £4.6m recorded in 2022.
Wagamama's Global Ambitions
The company is also actively exploring opportunities to expand its global presence by targeting a further three to five new locations in Europe and the Middle East before the end of this year.
Following the acquisition of full ownership, TRG's US business, comprising eight existing Wagamama locations, is poised for substantial growth, with an ambitious goal of expanding to between 20-30 sites across the country by December 2027.
With a solid foundation established through its strong operational performance, TRG is well-positioned to drive forward with its ambitious expansion goals, leveraging the lessons learned from its recent successes.