The Restaurant Group
A British restaurant and pub group whose principal businesses are Wagamama, Brunning & Price, Barburrito, and an airport-focused concessions operation.
Last updated August 22, 2026
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Overview
The Restaurant Group is a British hospitality company that owns and operates restaurant, pub, and food-service businesses. It began in 1987 as City Centre Restaurants plc, established by Matthew Brown with the initial objective of owning and managing the Garfunkel's restaurant chain. Over time, the company built a portfolio spanning casual dining, themed restaurants, pubs, concessions, and international franchise operations. The group expanded its casual-dining presence in the late 1980s through the acquisition of the Mexican restaurant chain Chi Chi's, which it subsequently developed under the Chiquito name. Frankie & Benny's became another major growth platform after the company opened its first site in Leicester in 1995. The brand combined Italian-American food with a family-oriented casual-dining format and became one of the group's most recognizable chains. The company adopted the name The Restaurant Group plc in January 2004, shortly before an unsuccessful bid for Ask Central plc. Portfolio development continued through both brand creation and acquisitions. The company reacquired the Deep Pan Pizza chain in 2006 after having previously sold it to management. It also developed a pubs and premium casual-dining division through Brunning & Price. In 2018, Brunning & Price acquired Ribble Valley Inns in northern England and later purchased the Food & Fuel Pubs portfolio, including two Coco Momo wine bars. These transactions broadened the group beyond large standardized restaurant chains into independently styled pubs and food-led hospitality venues. The most significant strategic transaction of the pre-private-equity period was the 2018 acquisition of Wagamama for £559 million. Wagamama became the group's flagship business and gave it exposure to a differentiated pan-Asian restaurant concept, as well as a franchise network and a small presence in the United States. The group also operated Barburrito and a multi-brand concessions business, principally at UK airports. Before the pandemic, the company operated more than 400 restaurants and pub restaurants across the United Kingdom, alongside its concessions activities. The COVID-19 pandemic created severe financial and operational pressure. In June 2020, The Restaurant Group warned employees that a large number of sites would not reopen after lockdown. It subsequently entered a company voluntary arrangement and planned to reduce its estate by approximately 125 locations. The restructuring disproportionately affected Frankie & Benny's and other challenged casual-dining sites, while thousands of jobs were lost. The company also faced shareholder criticism in October 2020 over the proposed remuneration package for chief executive Andy Hornby, following a period involving extensive closures and job losses. In 2023, the group simplified its portfolio by selling most of its businesses other than Wagamama, Brunning & Price, and Barburrito to The Big Table Group for £7.5 million. Later that year, the board recommended a takeover by Apollo Global Management. Apollo completed the acquisition in December 2023 for £701 million, ending the company's period as a listed public company. The post-acquisition group is therefore centered on Wagamama, Brunning & Price, Barburrito, and concessions rather than the much broader collection of casual-dining chains associated with its earlier history.
History
The Restaurant Group was founded in 1987 by Matthew Brown as City Centre Restaurants plc. Its initial purpose was to own and manage the Garfunkel's chain, establishing the business as a restaurant operator rather than as a single-concept food brand. During the late 1980s, the company acquired the Mexican chain Chi Chi's and renamed it Chiquito, beginning a pattern of assembling and developing multiple restaurant concepts under one corporate structure. The company continued to expand its branded casual-dining estate during the 1990s. Although the group had already been reported to operate 151 restaurants by 1991, one of its most important later launches came in 1995, when it opened the first Frankie & Benny's restaurant in Leicester. Frankie & Benny's used an Italian-American theme and a family-friendly format, and it became a major component of the group's estate. The company also operated other restaurant concepts, including Deep Pan Pizza, which it later sold to management before buying the chain back in 2006. In January 2004, shortly before making an unsuccessful bid for Ask Central plc, the company changed its name from City Centre Restaurants plc to The Restaurant Group plc. The new name reflected its increasingly diversified collection of restaurant and hospitality businesses. During the following years, the group pursued a mixture of organic development, acquisitions, and portfolio management rather than relying on a single national chain. A major change came in 2018 with the acquisition of Wagamama for £559 million. Wagamama was a differentiated pan-Asian restaurant brand built around communal seating, noodles, rice dishes, and an open, informal service model. The acquisition diversified The Restaurant Group away from some of its mature casual-dining concepts and provided access to international franchise operations. Wagamama had six restaurants in the United States and more than 50 franchise restaurants across various territories in the period described by the reference material. The group's pub operations also expanded. In May 2018, the Brunning & Price division acquired Ribble Valley Inns, a collection of restaurants and real-ale pubs in northern England, from the Northcote Group. In August of the same year, it acquired the 11-site Food & Fuel Pubs portfolio for £15.4 million; that portfolio included two Coco Momo wine bars. These transactions strengthened the group's food-led pub proposition and gave it a business with a more individual, destination-oriented character than its standardized casual-dining chains. By December 2019, the group operated more than 400 restaurants and pub restaurants across the United Kingdom. It also ran a multi-brand concessions business, principally at UK airports. Its portfolio therefore covered high-street and leisure restaurants, pubs, airport sites, and international franchising. Principal brands and divisions included Wagamama, Frankie & Benny's, Chiquito, Brunning & Price, Barburrito, and the concessions operation. The COVID-19 pandemic exposed weaknesses in parts of the estate. In June 2020, the company warned that a large number of its outlets would not reopen after lockdown, with up to 120 restaurants, mainly Frankie & Benny's sites, expected to close permanently. It then entered a company voluntary arrangement after discussions with landlords and planned to reduce its estate by 125 sites. The restructuring involved substantial job losses and marked a decisive retreat from parts of the group's legacy casual-dining portfolio. In October 2020, investors also expressed significant opposition to the proposed pay package for chief executive Andy Hornby, with more than one-third voting against it. The group subsequently concentrated its portfolio. In 2023, it sold most of its businesses other than Wagamama, Brunning & Price, and Barburrito to The Big Table Group for £7.5 million. In October 2023, the board announced that it intended to recommend Apollo Global Management's takeover offer. Apollo completed the acquisition in December 2023 for £701 million. This transaction ended The Restaurant Group's status as a publicly listed company and placed the business under private-equity ownership. Its post-transaction identity is centered on Wagamama, Brunning & Price, Barburrito, and concessions, while many of the chains associated with its earlier history moved to The Big Table Group.
- 2023
Legacy restaurant portfolio is sold
[1]Most of the portfolio other than Wagamama, Brunning & Price, and Barburrito is sold to The Big Table Group for £7.5 million.
- 2023
Apollo takes The Restaurant Group private
[1]Apollo Global Management completes its acquisition in December for a reported £701 million.
- 2020
COVID-19 restructuring begins
[1]The group announces widespread permanent closures, enters a company voluntary arrangement, and plans a reduction of approximately 125 sites.
- 2018
Wagamama is acquired
[1]The Restaurant Group acquires Wagamama for £559 million, making it the group's flagship brand and broadening its international and franchise exposure.
- 2018
Brunning & Price expands through two acquisitions
[1]The division acquires Ribble Valley Inns and later the 11-site Food & Fuel Pubs portfolio, which included two Coco Momo wine bars.
- 2006
Deep Pan Pizza is reacquired
[1]The group buys back the Deep Pan Pizza chain after it had previously been sold to management.
- 2004
Company adopts The Restaurant Group name
[1]City Centre Restaurants changes its corporate name to The Restaurant Group plc.
- 1995
First Frankie & Benny's opens
[1]The first Frankie & Benny's restaurant opens in Leicester, creating a major Italian-American casual-dining platform for the group.
- 1987
City Centre Restaurants is founded
[1]Matthew Brown establishes City Centre Restaurants plc to own and manage the Garfunkel's restaurant chain.
- 1980
Chi Chi's is acquired and renamed Chiquito
[1]The company acquires the Mexican restaurant chain Chi Chi's and develops it under the Chiquito name.
Products and positioning
A multi-brand UK hospitality operator combining a flagship pan-Asian restaurant business with premium food-led pubs, Mexican-style casual dining, and airport concessions.
Pan-Asian casual dining
Wagamama
Wagamama is The Restaurant Group's flagship restaurant business. Its format is centered on Japanese-inspired and broader pan-Asian food, particularly noodles, rice dishes, sides, and customizable meals served in an informal setting. The brand also provides international exposure through franchise restaurants and operations outside the United Kingdom, including a US presence.
Food-led pubs
Brunning & Price
Brunning & Price operates food-led pubs and pub restaurants, generally emphasizing destination locations, real ale, dining, and a more individual character than standardized high-street chains. Its portfolio was expanded through the acquisitions of Ribble Valley Inns and Food & Fuel Pubs in 2018.
Mexican-style casual dining
Barburrito
Barburrito is the group's Mexican-style restaurant business. It forms part of the focused portfolio retained after the 2023 sale of most of The Restaurant Group's other brands.
Travel and airport food service
TRG Concessions
TRG's concessions business operates food and beverage sites principally at UK airports. It is a multi-brand operating division rather than a single restaurant concept and extends the group's activities into travel locations.
Italian-American casual dining · 1995
Frankie & Benny's
Frankie & Benny's was a major Italian-American casual-dining chain developed by The Restaurant Group from its first Leicester restaurant in 1995. It became one of the company's largest and best-known chains, but many locations were closed during the COVID-19 restructuring. Most of the group's legacy portfolio, including this type of casual-dining operation, was sold to The Big Table Group in 2023.
Mexican casual dining
Chiquito
Chiquito developed from the Chi Chi's Mexican chain acquired by the company in the late 1980s. It became a prominent themed casual-dining brand in the group's historical portfolio before the later estate reductions and 2023 portfolio sale.
Controversies
2020
Shareholder revolt over executive remuneration
In October 2020, more than one-third of shareholders opposed the proposed remuneration package for chief executive Andy Hornby. The vote followed extensive closures and job losses during the pandemic period and became a prominent governance issue for the company.
Brand decisions
2023
Sale of most non-core restaurant brandsM&ABackground
The group moved to simplify its portfolio and concentrate on Wagamama, Brunning & Price, and Barburrito.
Action taken
Most of the remaining portfolio other than the retained businesses was sold to The Big Table Group for £7.5 million.
Aftermath
The transaction left The Restaurant Group with a narrower brand portfolio before its subsequent acquisition by Apollo.
Sale price. £7.5 million (2023 sale)
2023
Apollo acquisition and delistingM&ABackground
Following portfolio simplification, the board evaluated a takeover offer from Apollo Global Management.
Action taken
The board recommended the offer, and Apollo completed the acquisition in December 2023.
Aftermath
The company became privately owned by Apollo and ceased to be a listed public company.
Completed acquisition value. £506 million recommended offer → £701 million completed purchase (2023 takeover)
2020
COVID-19 estate restructuringStrategyBackground
Lockdowns and the temporary closure of restaurants placed substantial pressure on trading, leases, employment, and the viability of underperforming locations.
Action taken
The company announced permanent closures, entered a company voluntary arrangement, and planned to remove approximately 125 sites from its estate.
Aftermath
The restructuring involved thousands of job losses and accelerated the retreat from parts of the legacy casual-dining portfolio.
2018
Acquisition of WagamamaM&ABackground
The group sought to diversify beyond mature casual-dining chains and acquire a distinctive brand with international and franchise potential.
Action taken
The Restaurant Group purchased Wagamama for £559 million.
Aftermath
Wagamama became the group's flagship business and was retained when most of the wider portfolio was sold in 2023.
Acquisition price. £559 million (2018 acquisition)
Sources1 sources
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