Restaurant Group climbs on takeover talk
Restaurant Group was a gainer on Thursday on a retread of speculation that the Frankie & Benny’s owner could attracting interest from private equity.
Cinven and TA Associates were reportedly among the funds running the numbers on a potential bid for Restaurant Group, which was also rumoured to have knocked back an approach earlier in the year from Apollo, the US turnround specialist that owns Casual Dining Group.
Three profit warnings since January have halved Restaurant Group shares, putting the group on a sharp discount to peers based on expected operating earnings. The stock added 5.4 per cent to 335.4p, the highest since its most recent warning in late April.