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.
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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.
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By GlobalDataThe 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.
