Wagamama owner explores £300m refinancing to lower interest rates
The owner of Wagamama is looking to secure a £300m refinancing as it seeks to reduce its borrowing costs.
The Restaurant Group (TRG) – which also owns the Brunning & Price pub chain – is currently in talks with banks about securing new debt terms as it looks to lower its interest rates, Sky News has reported.
Sources told Sky News that the move was reflective of the company’s strong performance since it was taken private last year.
The group was acquired by Apollo Global Management in a £701m deal and the end of 2023. This came shortly after the group completed the sale of its “loss making” leisure business, including the Frankie and Benny’s and Chiquito chains, to rival Big Table Group for £1.
Earlier this year, Wagamama unveiled plans to open 10 restaurants in 2024 in its first big expansion push since being taken private.