Wagamama bought by Frankie & Benny's owner The Restaurant Group

By Laura Mullan
The Restaurant Group has announced that it will buy Asian restaurant chain, Wagamama,in a deal worth GBP£559mn (US$713.6mn). The deal plans to acceler...

The Restaurant Group has announced that it will buy Asian restaurant chain, Wagamama, in a deal worth GBP£559mn (US$713.6mn).

The deal plans to accelerate Wagamama’s UK expansion plans by converting The Restaurant Groups' outlets into Wagamama restaurants, strengthening international growth and exploring delivery opportunities.

The Restaurant Group — which also owns brands like Frankie & Benny's, Garfunkel’s Joe’s Kitchen and Chiquito — will swallow up the Asian chain which now has 133 UK restaurants, five US restaurants, and 58 franchise sites across Europe, the Middle East and New Zealand.

The Restaurant Group is anticipating £22mn (US$28mn) in cost synergies from the acquisition.


Andy McCue, The Restaurant Group Chief Executive, described the acquisition as an “exciting and transformative opportunity.”

He added: “The transaction not only gives us a great brand but also creates a business with a multi-pronged growth strategy which will enhance earnings.”

Private equity groups Duke Street and Hutton Collins acquired the restaurant chain for around GBP£215mn (US$274.3mn) in 2011.

After the deal, Wagamama will continue to operate as an autonomous division of the group.

Jane Holbrook, Wagamama CEO, will be stepping down following the transaction. 

She will be succeeded by Chief Growth Officer Emma Woods.


Featured Articles

Top 10 customer experience (CX) trends in 2023

Food Digital breaks down the Top 10 customer experience (CX) trends taking centre stage for 2023, including predictive analytics, AR, metaverse and more

Absolut joins the sustainable drink trend with paper bottle

Sustainability is driving brand changes at Absolut as the drinks brand focuses on delivering new designs and a sustainable paper-based recyclable packaging

Careers Passport: flagship programme to help jobseekers

A fast-track job scheme designed to remove barriers to enter the food and drink industry has seen over 1,000 training opportunities created.

Coca-Cola, Diginex & Reckitt tech to support supply chains


Luxury food manufacturer Venchi on sustainable packaging


How has the pandemic affected sales at General Mills?