The Restaurant Group shareholders approves £506m sale to Apollo

The sale will be completed by 21 December

The shareholders of The Restaurant Group (TRG) have approved the £506m sale to Apollo.

TRG’s shares will be taken off the London Stock Exchange and made private.

In a recent Court Meeting by the group, 93.46% of shareholders approved the sale.

The acquisition will be completed by 21 December.

In a previous statement, Ken Hanna, the Chair of TRG, said the group has recovered from the challenges of the pandemic and the cost of living crisis.

"This is evidenced by the continued strength of our trading performance versus the broader hospitality sector and the share price increasing 55% this year. In addition, the TRG Board and management of TRG have reviewed in detail the strategic options available to the group, resulting in the announcement of the proposed sale of the Leisure business. The TRG Board continues to have confidence in the plan, but is cognisant of the premium and the certain value of the Apollo offer against the backdrop of a challenging macro-economic environment. As such, the TRG Directors intend to unanimously recommend the offer to TRG Shareholders,” Hanna said.