Wagamama-owner seeks to lock in lower interest rates with refinancing

The owner of Wagamama has begun exploring a £300m refinancing as it seeks to reduce its borrowing costs by locking in lower interest rates.

Sky News has learnt that The Restaurant Group (TRG), which delisted from the London Stock Exchange last year after being bought by Apollo Global Management, is in talks with banks about securing new debt terms.

Sources said the move was a reflection of the company’s robust performance since it was taken private.

As well as Wagamama, which has become one of Britain’s biggest casual dining chains, TRG owns Brunning & Price, a group of pubs.

It sold a collection of other restaurant assets to Big Table, another operator, shortly before Apollo bid for the company.

TRG is run by Andy Hornby, the former Gala Coral, Boots and HBOS chief.

Its sale followed a protracted activist campaign against TRG’s board.

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At the time of Apollo’s bid, PizzaExpress also examined whether to make an offer but decided against doing so, citing “market conditions”.

This week, Sky News revealed that PizzaExpress was hiring bankers at PJT Partners to advise on a refinancing.

TRG declined to comment.