Wagamama owner The Restaurant Group (TRG) is to sell its concessions division to travel dining and retail operator Areas.
TRG said the transaction, which is expected to complete by 26 July, marks the culmination of a successful period of independent growth for the concessions division under the ownership of Apollo-managed funds.
Over the past three years, TRG Concessions has grown its presence in UK airports through renewed contracts, the refurbishment of existing premises, by securing new space and franchise brand partners, and taking on the operations of airport Wagamama restaurants.
The pair said that as part of the Areas Group, TRG Concessions will gain access to “an extensive global network, further operational expertise and a wider portfolio of international franchise brands”.
TRG Concessions will continue to operate the Wagamama brand in UK airports under a franchise agreement, as well as work on expansion opportunities for the Wagamama brand in European airports.
“We are very grateful for the support and investment we have received from Apollo and the wider TRG team,” said TRG Concessions CEO Jonathan Knight. “We are delighted to be joining Areas and excited about what the next chapter will bring.
“Our commitment to our airport and rail partners remains unchanged, and they can expect the same high standards, strong relationships and focus on delivery that have always been at the heart of our business.”
TRG CEO Andy Hornby added: “On behalf of everyone at TRG, I would like to express our massive thanks to the extraordinarily hardworking and dedicated teams across the Concessions business who have consistently delivered high-quality hospitality experiences for both our customers and our airport partners.
”We wish all the team at TRG Concessions well and I am very confident of their continued success as part of the Areas Group.”
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