Louis Goss is a MarketWatch reporter based in London.
Private equity fund Apollo Global Management on Thursday said it had struck a deal to snap up struggling U.K. restaurant operator The Restaurant Group in a deal worth £701 million .
Apollo’s agreement to acquire TRG comes as the chain restaurant company has suffered a series of financial losses that saw it agree to offload its loss-making leisure business, which includes Frankie & Benny’s and Chiquito, to Cafe Rouge-owner Big Table Group last month. In a statement, Apollo said it plans to work with TRG’s existing management, as it argued the company will be “best served” by going private due to the access to capital and “long-term investment approach” that private-equity backing offers.
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