The Restaurant Group - Change for the better
‘Kaizen’ (change for the better), the philosophy of Wagamama, Restaurant Group’s (TRG) most formidable asset, continues to apply across the board. The exit from a long tail of unattractive Leisure leases has accompanied the refinement of airport concessions, while current refinancing proposals, requiring shareholder approval on 29 March, should allow COVID-19 liquidity headroom, expansion and progress towards the medium-term goal of net debt/EBITDA (pre-IFRS 16) of under 1.5x. Given so many moving parts, FY20 results were not meaningful other than to show the strength of TRG’s retained estate when allowed to trade. Resumption in, say, 2022 of its pre-pandemic performance of £118m EBITDA (pre-IFRS 16), which excludes said rent reductions, would give an EV/EBITDA of <10x post capital raise.The Restaurant Group is engaged in the operation of restaurants and pub restaurants. Co.'s principal trading brands are Frankie & Benny's, Chiquito and Coast to Coast. Co.'s also operates Pub restaurants and a Concessions business which trades principally at the U.K. airports. As of Jan 1 2017, Co. operates over 490 restaurants and pub restaurants.
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