Restaurant giant behind Pizza Express eyes Wagamama owner bid
The owner of Pizza Express is eyeing a bid for the group behind the Wagamama and Brunning & Price chains.
Wheel Topco joins a bidding war alongside a vehicle owned by asset manager Apollo Global Management, which previously proposed an offer valuing the company’s share capital at £506m.
The bid was recommended to shareholders by Wagamama owner The Restaurant Group’s (TRG) board.
TRG confirmed that it had received a request from Wheel Topco for diligence information on the group, and said it would provide this information in line with the City Code on Takeovers and Mergers.
However, TRG said that “no certainty that an offer by Wheel Topco will be made for the company, nor as to the terms on which an offer might be made”.
TRG operates around 230 restaurants and pubs. In September, it agreed the sale of its “loss making” leisure business, which includes the Frankie and Benny’s and Chiquito chains, to rival Big Table Group for £1.