FTSE 100 live: London index gets the Monday blues on China GDP March 6, 2023 The FTSE 100 was dragged to a lower close after China set a five per cent GDP growth estimate for the year compared to its 5.5 per cent target, London’s blue chip index was down 17.32 points at 7,929.79. This lower-than-expected target hit metals prices with declines in the price of copper and iron ore, which [...]
Wagamama owner has ‘little hope for future’ activist shareholder says, urging major strategy overhaul February 16, 2023 Wagamama owner The Restaurant Group has shown “little hope for the future” and is in need of a strategy overhaul, an activist shareholder has urged. Oasis Management, a hedge fund which holds a 6.5 per cent stake in the company, called on the hospitality firm to “re-align its priorities” and take immediate steps to restore [...]
Wagamama owner The Restaurant Group agrees £340m debt terms with lender December 22, 2022 The Restaurant Group has announced an amendment and extension of its debt facilities, with a revised £340m package. On Thursday, the owner of the Wagamama and Frankie & Benny’s brands said the new deal comprised of a £220m term loan facility and a £120m revolving credit facility with its existing lenders. The new terms represented [...]
Workers supplying KFC, Burger King and Greene King latest join to picket line November 24, 2022 Hundreds of workers who deliver food to chains like Burger King and KFC are to walk out this winter, as well as employees who brew and distribute Greene King drinks. Workers for the food delivery firm behind KFC, Burger King, Pizza Hut and Wagamama are set to strike over a pay dispute, GMB union bosses [...]
Fast food fears: Warning of Christmas shortages if 600 supply workers strike October 18, 2022 There could be major food shortages this Christmas at many of Brits’ favourite eat-outs due to strike action. Almost 600 workers for Bestfood, which delivers fresh produce to some of the country’s most-loved chains, are threatening industrial action. The workers are members of the GMB Union, and “bust a gut” to keep outlets such as [...]
Wagamama owner enjoys sales rebound but warns of ‘uncertain’ consumer environment September 8, 2022 The owner of the Wagamama restaurant group has seen sales surge in its half-year results, as an “uncertain consumer environment” looms. The Restaurant Group said total sales hit £423.4m in the 26-week period to 3 July, versus £216.8m in 2021. Diners returned to the group’s restaurants and pubs after the easing of Covid restrictions, with [...]
Wagamama owner acquires Mexican restaurant brand Barburrito in £7m swoop July 12, 2022 The owner of Wagamama restaurants has acquired Mexican fast-casual restaurant brand Barburrito for £7m. Announcing the takeover on Tuesday morning, the Restaurant Group said the purchase represented a next 12 months run-rate EBITDA multiple of 4.4x. The London-listed group said Barburrito’s offering was “well aligned with key consumer trends including healthy eating, convenience, customisable cuisine,” [...]
Wagamama owner warns of ‘volatile market’ as food and drink inflation surpasses expectations May 24, 2022 The owner of Wagamama has warned food and drink inflation is anticipated to be as high as 10 per cent this year, higher than earlier estimations. In a trading update ahead of its AGM, The Restaurant Group (TRG) said its cost pressures had been exacerbated by the war in Ukraine. Food and drink inflation was [...]
We must celebrate and support more women-led firms in venture capital May 24, 2022 All investors are judged on the quality of their decision-making. Where we get it right, companies thrive; where we make mistakes, the consequences are obvious. Success and failure are both easy to measure – we can be frank about what works and what doesn’t. When it comes to venture capital’s record for investing in women, [...]
Next and Frankie & Benny’s bosses under fire for hefty pay packets May 16, 2022 Frankie & Benny’s and Next bosses are under fire for hefty bonuses after both companies received government support during coronavirus measures. Next chief Simon Wolfson took home almost £4.4m last year, up 50 per cent on the year before, including an annual bonus worth 100 per cent of his basic salary. Meanwhile, Andy Hornby, chief [...]