The proprietor of Wagamama has begun exploring a £300m refinancing because it seeks to scale back its borrowing prices by locking in decrease rates of interest.
Sky Information has learnt that The Restaurant Group (TRG), which delisted from the London Inventory Change final 12 months after being purchased by Apollo World Administration, is in talks with banks about securing new debt phrases.
Sources mentioned the transfer was a mirrored image of the corporate’s strong efficiency because it was taken non-public.
In addition to Wagamama, which has turn into one among Britain’s largest informal eating chains, TRG owns Brunning & Value, a bunch of pubs.
It bought a set of different restaurant property to Massive Desk, one other operator, shortly earlier than Apollo bid for the corporate.
TRG is run by Andy Hornby, the previous Gala Coral, Boots and HBOS chief.
Its sale adopted a protracted activist marketing campaign in opposition to TRG’s board.
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On the time of Apollo’s bid, PizzaExpress additionally examined whether or not to make a proposal however determined in opposition to doing so, citing “market conditions”.
This week, Sky Information revealed that PizzaExpress was hiring bankers at PJT Companions to advise on a refinancing.
TRG declined to remark.
