Casual Dining Group announces £30m cash investment for growth opportunities
They also reported a 2.3% increase like-for-like sales in the past 3 months.
Casual Dining Group (CDG), the operator of also 300 mid-market restaurant brands including Las Iguanas, Café Rouge and Bella Italia, has announced a new cash investment of £30 million with the aim of funding growth opportunities.
The capital injection and refinancing was led by KKR and included funds managed by affiliates of Apollo Global Management, LLC and Pemberton Asset Management. The group says this will allow them to have a "long-term capital structure" and a strengthened balance sheet.
KKR and Apollo have been investors in CDG since 2015, providing debt and equity funding.
"Against a challenging backdrop, we continue to perform ahead of the market, with total sales up nearly 5% and like-for-like sales up 2.3%, in the past 14 weeks. We have also seen double digit profit uplift in the period," CDG CEO Steve Richards said in a statement.
