As of the end of 2023, the company had 59 international franchised sites across Europe and the Middle East. Credit: Piranhi / Shutterstock.

The Restaurant Group (TRG) has announced its intention to significantly expand the pan-Asian restaurant brand Wagamama’s presence across the UK.

In its latest trading update, TRG announced its long-term goal to scale the Wagamama footprint to between 200 and 220 new restaurants across the UK, a significant increase from the 161 locations it operated at the end of the fiscal year 2023 (FY23).

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In FY23, Wagamama opened six new locations in the UK. It aims to open eight to ten sites in FY24.

TRG’s financial results for the year ending 31 December 2023 showed a notable increase in dine-in like-for-like sales, with Wagamama experiencing an 11% surge.

TRG’s Brunning & Price pubs and its concessions business also saw rises of 10% and 29% respectively.

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Excluding its leisure division, TRG’s operating profit climbed to £29.8m in 2023, a significant increase from the £2.6m reported in 2022.

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Pre-tax losses reduced to £19.1m in the 52 weeks ended 31 December 2023 as against a loss of £29.1m in the previous year.

In addition to its UK growth, TRG has taken full ownership of Wagamama operations in the US, setting a target to expand to between 20 and 30 restaurants by 2027.

As of the end of 2023, the company had 59 international franchised sites across Europe and the Middle East.

TRG also anticipates opening between three and five more locations in the latter half of 2024, which will include the first Wagamama restaurant in India.

The Restaurant Group CEO Andy Hornby said: “2023 was a genuinely transformational year for TRG. We traded strongly throughout the year thanks to the phenomenal efforts of our restaurant and pub teams.

“We completed the post-Covid re-shaping of the business with the divestment of our leisure division to Big Table Group. Finally, the acquisition of TRG by a shareholder with the scale and expertise of Apollo marks a hugely exciting new chapter for the business.

“Strategic progress since the acquisition by Apollo has been pleasing. We are on track to open 10 more Wagamama sites in the UK during 2024 and we have acquired 100% ownership of our Wagamama business in the USA (having recently completed the purchase of our JV [joint venture] partner’s stake).

“Whilst the consumer backdrop in the UK, USA and Europe remains challenging, we remain confident in the potential to continue growing Wagamama, Brunning & Price and TRG Concessions in the years ahead.”