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This doesn’t sound great : Statutory loss before tax of £86.8m on an IFRS 16 basis (2021: loss of £35.2m).
Astonishing sales but debt up? Maybe the activists were right ?
Underwhelmed
Bloomberg “ March 7 (Reuters) - The Restaurant Group has become a target of activist investor Irenic Capital Management, which is pushing for a change at the Wagamama and Frankie & Benny's owner, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Irenic Capital has had private discussions with the company, including potential divestiture of its pubs and concessions businesses, increasing disclosure around the profitability of Wagamama and reducing corporate costs, the report said.
In February, shareholder Oasis Management publicly called for the company to take immediate steps to restore market confidence, after requesting a board seat last year, which the Restaurant Group said it had rejected.
The company and Irenic Capital did not immediately respond to Reuters' requests for comment. (Reporting by Amna Karimi in Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli)
Just hitting Bloomberg TV headlines now, Irenic Capital has had private discussions with RTN, I’ll try and find out more.
Whilst I appreciate this would pay of debts I feel selling B&P would be a mistake. Anyone who has been in them will know the demand they have. As the economic outlook worsens and cost of living crisis takes greater hold I feel B&P is one of their businesses that will be less impacted due to its target customers socio-economic group.
There is little advantage of having no debt if one of your main income streams has been sold off.
If you watch the Q&As on webcast from last year, it's evident that Andy Hornby likes the pub business and the only barrier to buying more / expansion is the relatively inflated cost of pubs.
Personally, B&P was one of the main things that attracted me to this share, if its sold off I'll probably exit my position in TRG due to the resultant rebalancing (good v sh*t) of the portfolio of business its owns.
Not as exciting today but hoping for a positive set of results tomorrow which will push SP up significantly
Agreed! Super day - just booked the prae wood arms in St Albans, taking wife, kids and my 25% voucher to celebrate. Walk past Waga St Albans nearly every day and its always packed.
Another great day for those who bought in/topped up sub 30. Not me unfortunately, but every step closer to break even is welcome!
I started at 83. I have a good feeling about RTN. Gut is better than any brokers forecast ;-)
Mine too! 90p entry point so need a good boost here. Upward spiral.
Tightly held.
I must admit I am tempted to top slice and lock in … but, I must remember my initial purchase was well above what we are now, and things are much better now than they were then!
Looks like this isn't showing signs of losing momentum ahead of Wednesday....
Well said. Leisure side at risk from fight of the mediocrity. Where able exit or convert into Wagamama opportunities. I think concessions at airport will be okay as from memory there’s a link between passenger numbers and rent so some risk-share. Where I’d like to see additional focus (and I mean additional not diversion of existing resource) is the international franchise model - I think this has good growth potential and probably starts to make RTN more attractive as a buy-out - ultimately I think that’s where we’ll end up and I’m hoping it’s around the 150 mark (not much science in that - more a feel given SP breaches 140 not that long ago and to my mind business is in a better position now albeit in a challenging external environment.
For me this is a hold. I expect results to be good and push values back up to 50s and potentially 60s but there is no doubt some headwinds coming over next couple of years due to economic climate. My 2 - 5 year target would be in the £1s.
As has been discussed on this board previously the B&P and Wagammas brands are really strong and likely to be less impacted by CoL crisis however the leisure side of the business will struggle. Jury is still out on the consession side, but it's likely not to reach peak until after we get through this global economic turmoil.
Rightly or wrongly it unlikely I will be derisking.
I’m a going to let mine ride think we’re going to see some improvement and with air traffic still moving up there operations there should be doing well just need train strikes to end.
Hi all,
Its looking good for next week as the anticipated rise to results kicks in. Question is will anyone de-risk on mon Tue next week or let it ride to results day?
GLA
The B&P & Waga brands are superb. I am now up 16.5% and see this continuing to rise into late 40s if not early 50s. I have the intrinsic value of this way beyond that.
If you haven't been to a B&P I can highly recommend it. Its our favourite Sunday roast and always incredibly busy.
Dyor
NoW just under 10% down. Bring on results.
Was at a Waga last week - busy (not ever seen that one not).
I think Oasis a little impatient. So far I’ve been impressed with Exec / Board. (Albeit I’m 20% down).
Based on RR. performance today I'm pretty sure RTN will re -rate by the same if not more on results day .
* 2022 op profit rise 57% beating forecasts
*Cash flow comes in well ahead of consensus
* CEO says 2023 profit will rise
Shares jump 20%
Not sure I would agree that bad management is the sole reason for the current RTN SP, concerns re future earning potential given the economic conditions is far more likely to impact the SP. The results and outlook will make interesting reading and may or may not support Oasis's view, not long until we find out.
"Oasis need to come up with some hard evidence that RTN are badly managed and have no coherent strategy"
Going by the share price, the market appears to agree with Oasis.
Vol. Sold 653,235
Sold Value £218,420.12
Vol. Bought 2,094,415
Bought Value £707,597.91
Oasis clearly do not have any idea of the history of the past 5 years or so. Whilst an update in Jan would have been nice it is not the end of the world. A 14 year old playing with figures seems to have created the rest of their argument with no info re the rationale for the raises or the movement in cash balances, this is available and the reasons why! Oasis need to come up with some hard evidence that RTN are badly managed and have no coherent strategy.