Wagamama owner to raise more than €200m after Covid impact

A closed Wagamama in Greenwich. The chain’s owner said it will tap investors for £175 million after its finances were hit by the pandemic (Ian West/PA)

Wagamama and Frankie & Benny’s owner The Restaurant Group (TRG) is tapping investors for £175m (€204m) to shore up its finances after the business was struck hard by the coronavirus pandemic.

The London-listed hospitality firm revealed that total sales dived by 57% to £459.8m (€536m) in 2020 after its sites were forced to close their doors for large periods.