Casual Dining Group is the new name for the group behind household restaurant brands Bella Italia and Café Rouge. Unveiled today, the new company name reflects the transformation from what was Tragus Group to a focused, highly capitalised and growing restaurant business.
The announcement of Casual Dining Group’s new identity coincides with the posting of the last set of full-year accounts for what was Tragus Group, for the period to 1 June 2014.
- New senior leadership team in place
- Business refinanced; debt reduced from £258m to £91m
- EBITDA of £33.3m; group now highly cash generative
- Casual Dining Group in rapid growth phase; on track to open 70 new restaurants
- 3,100 new UK jobs to be created over the next three years
- Brand evolution programme underway; 160 existing restaurants to be refurbished
- Sales growth trend gaining momentum; strong Christmas and New Year delivered
- Commenting on the latest developments, Steve Richards, CEO, said:
“Following what has been a transformational period for the business we are delighted to mark the beginning of an exciting new era with a fresh identity to reflect our vision and plans. The Casual Dining Group has been successfully created as a substantial growth platform that comprises many of the best restaurant sites in the UK. We are now in a strong position to continue to develop and invest in our restaurant brands and aggressively grow the business.”
Martin Robinson, Chairman, added:
“The speed and breadth of change at Casual Dining Group has been dramatic, and is testament to a strong executive team led by Steve Richards. The business is in excellent shape and we can look forward to the future with confidence.”