10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us

Sales rise and losses narrow for TRG following ‘transformational year’

  • James McAllister
  • 6 September 2024
  • 2 minute read
Total
0
Shares
0
0
0

This article was written by Restaurant Online Magazine. Click here to read the original article

image

In its financial results for the year ending 31 December 2023, the group saw revenue rise to £824m from £717m the year before, with pre-tax losses narrowing from £29.1m to £19.6m.

The period was marked by the disposal of the group’s leisure division​​, which comprised 75 sites primarily under the Frankie & Benny’s and Chiquito brands, to Big Table Group.

This led to US private equity house Apollo Funds acquiring the remaining TRG business for £506m​​, which saw the group delisted from the London Stock Exchange.

Noting a ‘strong operational performance’, operating profit from TRG’s continuing operations, which excludes the leisure division, increased to £29.8m in 2023 from £4.6m in 2022.

Dine-in sales across all the group’s remaining divisions rose on a like-for-like basis with Wagamama seeing 11% growth, Brunning & Price pubs reporting a 10% uplift and the group’s concessions business recording a 29% rise.

“2023 was a genuinely transformational year for TRG,” says Andy Hornby, CEO of TRG.

“We traded strongly throughout the year thanks to the phenomenal efforts of our restaurant and pub teams.

“We completed the post Covid re-shaping of the business with the divestment of our leisure division to Big Table Group.

“Finally, the acquisition of TRG by a shareholder with the scale and expertise of Apollo marks a hugely exciting new chapter for the business.”

What Is Hotel Revenue Management?
Trending
What Is Hotel Revenue Management?

Hornby describes the group’s strategic progress since the acquisition by Apollo as ‘pleasing’ with expansion planned across all divisions.

TRG is on track to open 10 new Wagamama restaurants this year and has now acquired 100% control of the brand’s US business.

In the long-term, TRG has ambitions to scale the brand to ‘a targeted 200 to 220 restaurants’ in the UK from a base of 161 sites.

Over in the US, where it currently operates eight Wagamama restaurants, the aim is to target an overall estate size of 20 to 30 sites by December 2027; while work is also being done to accelerate the group’s wider international footprint.

“Whilst the consumer backdrop in the UK, USA and Europe remains challenging, we remain confident in the potential to continue growing Wagamama, Brunning & Price and TRG Concessions in the years ahead,” Hornby adds.

Please click here to access the full original article.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You should like too
View Post
  • Hotel Openings

IHG bringing Kimpton brand to Salzburg, Austria

  • HOTELSMag.com
  • 25 October 2025
View Post
  • Hotel Openings

Rosewood launches new campaign to prioritise bespoke experiences

  • Sumnima Kandangwa
  • 24 October 2025
View Post
  • Hotel Openings

Woolley Grange Enters a New-Yet-Nostalgic Chapter

  • Stephanie Chen
  • 24 October 2025
View Post
  • Hotel Openings

A Parking Garage Transforms Into the Retro-Futuristic Limusina

  • Stephanie Chen
  • 24 October 2025
View Post
  • Hotel Openings

Hotel Glorieta Rises Anew on the Hills of Santa Fe

  • Stephanie Chen
  • 24 October 2025
View Post
  • Hotel Openings

Davidson Hospitality Group Expands Into Europe With Addition of Ragdale Hall Spa to Its Portfolio

  • LODGING Staff
  • 24 October 2025
View Post
  • Hotel Openings

Whitestone Companies Announces Launch of Soartress Hospitality

  • LODGING Staff
  • 24 October 2025
View Post
  • Hotel Openings

Hilton Birmingham at UAB Completes Renovation

  • LODGING Staff
  • 24 October 2025
Sponsored Posts
  • What does exceptional hospitality look like today? Download SOCIETIES Magazine

    View Post
  • Winning the World Cup of Demand: A Revenue Management Playbook for Major Events – LodgIQ

    View Post
  • The Practical Guide to Hotel Automation

    View Post
Latest Posts
  • RobosizeME Launches Executive Guide on Hyperautomation for Hospitality Leaders
    • 27 October 2025
  • #revenuemanagement #commercialstrategy #hoteltechnology #hospitalityleadership #lodgiq #rms | LodgIQ
    • 27 October 2025
  • #luxurybranding #visualidentity #digitalpresence #aestheticsofluxury #brandstrategy #luxury #luxuryhospitality | Margot Zenina
    • 27 October 2025
  • Wunder Werkz chooses “humble materials” for Semiprecious bar in Denver
    • 26 October 2025
  • Leading Through a Firestorm – Gregory Day, Malibu Beach Inn
    • 25 October 2025
Sponsors
  • What does exceptional hospitality look like today? Download SOCIETIES Magazine
  • Winning the World Cup of Demand: A Revenue Management Playbook for Major Events – LodgIQ
  • The Practical Guide to Hotel Automation
Contact informations

contact@10minutes.news

Advertise with us
Contact Marjolaine to learn more: marjolaine@wearepragmatik.com
Press release
pr@10minutes.news
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
  • 📰 Columns
  • About us
Discover the best of international hotel news. Categorized, and sign-up to the newsletter

Input your search keywords and press Enter.