Today’s news in brief – 28/11/23

Shareholders backed TRG’s £506m sale to Apollo Global, privatising the company that operates Wagamama among others. Each share’s value of 65p signifies an enterprise worth of £701m. TRG’s strategies led to two earnings upgrades and £5m in cost savings, aligning with Apollo’s belief in TRG’s market prominence. Apollo’s reassurances about business continuity and valuing TRG’s employees factored into the board’s decision. The acquisition is set for completion by 21 December, marking a “significant” move in the casual dining market.

Loungers reported a 7.7% rise in like-for-like sales in the first half ended 1 October, also marking 24% ahead of pre-pandemic levels. The operator also saw a 28.2% surge in adjusted EBITDA to £17.3m. As a result, it is targeting 34 new UK sites this year, with the aim to create 1,000 jobs. CEO Nick Collins highlighted Loungers’ impact, generating jobs and investing up to £1m per opening in local high streets.

Vegan eatery Hank’s Dirty has secured a six-year lease at Castle Quarter in Norwich after flourishing in the scheme’s street food quarter. Originating from Castle Social’s market hall in autumn 2022, Hank’s Dirty’s success led to a commitment to a 2,007 sq ft unit in the Timberhill terrace area. The brand will maintain its market hall unit for the launch of Top Dawgs and Desserts, featuring plant-based hot dogs and desserts.