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The owner of the Frankie & Benny’s and Wagamama chains is looking to raise £175m from shareholders as it continues to struggle with the impact of Covid-19….and also prepares for life after the pandemic.
The Restaurant Group, will use the proceeds from the cash call to increase its financial cushion in case of any resurgence of the pandemic, to allow it to expand its Japanese-inspired Wagamama chain and its Brunning & Price pubs business, and to help it reduce its debt.
The group said it expects there to be “good and profitable opportunities” where it can open more locations.
Since the start of the Covid-19 pandemic last spring, TRG has permanently closed more than a third of its sites, reducing its number of branches to 400 from 653 at the start of 2020, which resulted in the loss of almost 4,500 jobs.
The majority of the closures affected Frankie & Benny’s and the Tex-Mex dining chain Chiquito. The group now employs about 14,000 people.
Andy Hornby, the chief executive of the Restaurant Group said:
“The Covid-19 pandemic has presented enormous challenges for our sector but the TRG team has responded decisively to restructure our business and preserve the maximum number of long-term roles for our colleagues. TRG is operationally a much stronger business than 12 months ago.”
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