In 2023, The Restaurant Group came under attack from a series of activist investors who were agitating for change. These campaigns were fought in the public domain via the media, with proposals ranging from divesting divisions of the group to removing the Chairman and CEO.
The counteraction involved tracking sentiment in real-time to monitor the supporters and detractors. We had regular dialogue with City commentators and sector correspondents, ensuring that the Company’s key messages were communicated.
With MHP’s support, the Board was able to effectively assert its opinion, winning support from the majority of investors at its AGM. This allowed the company to proceed with its own strategic review, culminating in the divestment of Frankie & Bennies to the Big Table Group in September 2023, followed by the proposed sale of the remainder of the Group to Apollo announced in October.
The offer period saw sustained interest from the media and market including rumours of potential bids, given the attractiveness of Wagamama and Brunning & Price following the leisure divestment. Ultimately the deal was successful, completing in December 2023, providing shareholders with the certainty of an exit, and positioning the company for growth under new ownership
