TMR Capital eyes bid for Frankie & Benny restaurant group's divisions
Monday, July 24, 2023
Activist investor TMR Capital is reportedly considering an offer for a group of hotel labels, including Frankie & Benny's, which is owned by the Restaurant Group.
TMR, which owns 1.75 per cent of TRG, is pushing for a split which would enable the chain to accelerate the expansion of its flagship Wagamama brand.
TMR is now considering an eventual takeover of TRG's "leisure" area, which includes Frankie & Benny's, Chiquito and Brunning & Price pub, according to The Sunday Telegraph.
The two divisions currently have over 100 sites across the UK together.
TRG did not comment on a bid for any group of hotel brands, including Frankie & Benny's, owned by The Restaurant Group, but said it remained 'wider strategic options.', with the group to complete 35 of its under-performing leisure brands while Wagamama is seeing revenues increase around 5 per cent.
If sold, TRG would just leave Wagamama, the Asia-style chain it bought in 2018, and the pubs it runs at airports and station locations.