The Restaurant Group acknowledges that Wagamama’s people have been critical to its success and the business has developed a cohesive, people-focused culture.
To maintain its vision, culture and values, which have helped to drive performance over the years, TRG plans to operate Wagamama as an autonomous business within the enlarged group.
Jane Holbrook, current CEO of Wagamama (main image), has decided to leave the business upon completion, having agreed some time ago that she would step down around the time of the next change of ownership.
Emma Woods, chief growth officer at Wagamama, will be promoted to CEO of Wagamama, reporting to TRG chief executive Andy McCue (right), and will lead the business supported by the existing management team.
Allan Leighton, current chairman of Wagamama, will join the TRG Board as a non-executive director upon Completion.
The management team will be tasked with meeting its goals of the combined business becoming earnings per share (EPS) enhancing in the first full year following completion and strongly accretive thereafter.
Meanwhile, the acquisition’s return on invested capital is expected to exceed the weighted average cost of capital in the third year following completion.
Additionally, TRG has promised cost synergies and site conversions synergies of approximately £22m.