TRG shareholders give green light to £559m Wagamama acquisition

The Restaurant Group (TRG) announced after General Meeting that shareholders have approved the proposed acquisition of pan-Asian restaurant brand, Wagamama.

TRG is to pay £357m in cash and assume £202m in debt.This will be funded partly through a £315m cash call on the group's shareholders.

TRG plans to expand the Wagamama chain, which currently has 133 operated sites in the UK, 5 in the US, and 58 franchised sites across Europe the Middle East and New Zealand.

Debbie Hewitt MBE, Chairman of The Restaurant Group, said, 'We have engaged extensively with investors throughout this transaction and very much appreciate the time all have given.

'We are pleased that the majority of our shareholders have approved the acquisition and the associated rights issue, and we would like to thank them for the support they have shown. We are confident that the deal will create significant long-term value.

'The acquisition of Wagamama creates a raft of new opportunities for us to capitalise on in the months and years ahead. We look forward to welcoming the Wagamama team into the business post-completion and thank them alongside all of our Restaurant Group colleagues for keeping focused on delivering for our customers.'