 Andy Hornby, Hong Kong-based hedge fund Oasis and New York-based groups Coltrane Asset Management and Irenic Capital have all argued that The Restaurant Group should sell off its pubs and its ailing casual dining chains to focus on growing Wagamama as a standalone business. Derek Vago, TMR's chief, said he has lined up unnamed partners for his proposed bid, saying: 'We have a couple of parties that we always work with. This one's bought, owned and sold and amalgamate){kind=link}
TMR Capital eyes bid for the company’s pub and casual dining chains
An activist investor is plotting to break up the hospitality group behind Wagamama as pressure grows on the company.
TMR Capital is considering a swoop for two of the four divisions at The Restaurant Group.
The British Virgin Islands-based investor is eyeing a bid for the company’s Brunning & Price pub division and its casual dining chains, which include Frankie & Benny’s and Chiquito, The Telegraph can reveal. The two divisions operate more than 100 sites across the UK.
No price has yet been discussed, with TMR Capital pushing for more detailed financial information ahead of a possible formal bid. City analysts have said a “knockout” offer would be around £200m.