LONDON, UK: The Restaurant Group (TRG) has announced that it has agreed to sell its Leisure business, which includes 75 Frankie & Benny’s and Chiquito sites, to the Big Table Group for £7.5m. The deal is expected to be completed in early Q4 2023.
TRG said that the sale of its loss-making Leisure business will help it focus on its core divisions of Wagamama, Pubs and Concessions, which have performed well in the first half of 2023. The sale will also improve TRG’s margins, earnings and debt levels.
Andy Hornby, Chief Executive Officer of TRG, thanked the Leisure business teams for their hard work and dedication and wished them well as part of the Big Table Group.
Alan Morgan, Chief Executive Officer of the Big Table Group, said that the acquisition will complement their existing portfolio of restaurant brands and offer widespread consumer appeal.
The Big Table Group is owned by the private equity firm Epiris and operates restaurants such as Bella Italia, Café Rouge and Las Iguanas.
TRG will provide some services to the Big Table Group for a limited period of time to ensure a smooth transition for the 75 sites. TRG will also retain the responsibility for the sites that have been closed as part of its estate rationalisation plan.
Big Table Group in talks to buy The Restaurant Group’s leisure business