Casual Dining Group invests £30m in growth opportunities

3rd July 2018 (Last Updated July 3rd, 2018 14:33)

UK-based operator of mid-market restaurant brands Casual Dining Group (CDG) is investing £30m in growth opportunities.

Casual Dining Group invests £30m in growth opportunities
CDG operates restaurant brands in the UK such as Bella Italia. Credit: Mtaylor848.

UK-based operator of mid-market restaurant brands Casual Dining Group (CDG) is investing £30m in growth opportunities.

CDG currently operates approximately 300 mid-market restaurant brands such as Las Iguanas, Café Rouge and Bella Italia.

The investment will be used by CDG to position itself for growth, boost the balance sheet and provide for a long-term capital structure for the group.

Casual Dining Group CEO Steve Richards said: “We are delighted to have agreed substantial new investment which establishes a strong foundation to continue to invest in our brands and take advantage of opportunities in the sector as they arise.

“With no external debt and strong funding, this gives Casual Dining Group a very strong financial platform.”

As part of a refinancing of the group, the investment round is led by global investment firm KKR in collaboration with its management and other shareholders including funds managed by affiliates of Apollo Global Management and Pemberton Asset Management.

Since 2015, KKR and Apollo have been providing debt and equity funding for CDG.

Richards added: We have opened seven new concession sites in airports and hotels since the start of the year with an active schedule of UK owned and international franchise new openings in the pipeline, building on our existing well invested estate.”

Formerly known as Tragus Group, CDG is claimed to be one of the UK’s largest restaurant groups, employing more than 10,000 people.