Latest news with #RooneyAnand
Yahoo
20-05-2025
- Business
- Yahoo
Wagamama owner TRG in talks to buy part of Oakman's assets
The Restaurant Group (TRG), owner of the Japanese-inspired restaurant chain Wagamama, is in discussions to acquire a significant number of sites from pub and restaurant chain Oakman Group. Sky News reports that TRG, with backing from private equity firm Apollo Global Management, is in advanced negotiations for the purchase. Oakman Group has been advised by PricewaterhouseCoopers and is concurrently in talks with other potential buyers for the sale of its remaining assets. Oakman currently trades from more than 30 locations. TRG may acquire between one-third and half of Oakman's sites if the deal goes through. The transaction, led by TRG's chief Andy Hornby, a former executive at Boots and Coral, is estimated to be valued between £50m ($66.9m) and £100m. The potential deal emerges during a challenging period for the hospitality sector, which is grappling with tax increases and unstable consumer confidence that could lead to further job cuts and business closures. It was reported last week that RedCat, the pub company established by ex-Greene King CEO Rooney Anand, was considering a purchase of the pub-hotel operations from his previous company. Representatives from both TRG and PricewaterhouseCoopers have not commented on the ongoing discussions. TRG operates restaurants and pub restaurants across the UK, with Wagamama and Barburrito as its principal trading brands, along with a pub restaurants and concessions business which trades principally at UK airports. In September 2024, TRG announced its intention to significantly expand the pan-Asian restaurant brand Wagamama's presence in the country. "Wagamama owner TRG in talks to buy part of Oakman's assets" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Business
- Yahoo
Wagamama owner in talks to snap up Oakman Inns
The hospitality company which owns Wagamama is in talks to buy a chunk of Oakman Group, the pub and restaurant chain. Sky News has learnt that The Restaurant Group (TRG), which is backed by the private equity firm Apollo Global Management, is in advanced discussions to buy some of the privately held company's assets. Industry sources said that Oakman and its advisers were negotiating with other prospective bidders about a sale of its remaining assets. Oakman trades from more than 30 sites, and has been working with advisers from PricewaterhouseCoopers for several weeks on an auction. Money blog: How the markets reacted after new EU-UK deal struck One insider said TRG was likely to acquire between one-third and half of Oakman's sites if the deal was successfully completed. The buyer, which is run by former Boots and Coral chief Andy Hornby, would then integrate them into its Brunning & Price pub estate, the insider added. Further details of the potential transaction were unclear on Monday afternoon, although it is likely to be worth somewhere between £50m and £100m. The Oakman sale process comes amid intensifying pressure on the hospitality industry, with recent tax rises and jittery consumer confidence triggering fresh warnings of job losses and business collapses. Last week, Sky News revealed that RedCat, the pubs operator founded by former Greene King boss Rooney Anand, was in talks to swoop on his former employer to buy its pub-hotel operations. TRG and PwC declined to comment.
Yahoo
14-05-2025
- Business
- Yahoo
Former Greene King chief swoops on former estate with £90m pubs deal
A pub group founded by the ex-boss of Greene King is in advanced talks to buy a swathe of sites from his former employer in a £90m deal. Sky News has learnt that RedCat Pub Group, which was established by Rooney Anand during the Covid pandemic, is close to finalising the purchase of 39 pub-hotels from Greene King. Sources said a deal could be struck within days. RedCat, which is backed by the US investor Oaktree Capital Management, has had a mixed track record since it was founded in 2021. The company trades from roughly 100 sites, about a third of which operate under a subsidiary called The Coaching Inn Group. The unit has about 1,400 bedrooms, making it the fourth-largest pubs-with-rooms operator in the UK. One source said the deal with Greene King would double the size of that division by number of sites. A small part of RedCat's operations fell into administration last year, since when a refinancing backed by Barclays has given the company significant financial breathing space. Mr Anand stepped down as Greene King's chief executive in 2019. His latest deal comes amid dire warnings from hospitality chiefs about the prospects for the sector, amid swingeing tax hikes and jittery consumer confidence. Greene King declined to comment, while RedCat has been contacted for comment.
Sky News
14-05-2025
- Business
- Sky News
Former Greene King chief swoops on former estate with £90m pubs deal
A pubs group founded by the ex-boss of Greene King is in advanced talks to buy a swathe of sites from his former employer in a £90m deal. Sky News has learnt that RedCat Pub Group, which was established by Rooney Anand during the Covid pandemic, is close to finalising the purchase of 39 pub-hotels from Greene King. Sources said a deal could be struck within days. RedCat, which is backed by the US investor Oaktree Capital Management, has had a mixed track record since it was founded in 2021. The company trades from roughly 100 sites, about a third of which operate under a subsidiary called The Coaching Inn Group. The unit has about 1,400 bedrooms, making it the fourth-largest pubs-with-rooms operator in the UK. One source said the deal with Greene King would double the size of that division by number of sites. A small part of RedCat's operations fell into administration last year, since when a refinancing backed by Barclays has given the company significant financial breathing space. Mr Anand stepped down as Greene King's chief executive in 2019. His latest deal comes amid dire warnings from hospitality chiefs about the prospects for the sector, amid swingeing tax hikes and jittery consumer confidence.
