Tragus Group, the owner of the Café Rouge and Bella Italia brands, has announced the successful completion of its organisational and financial restructuring.
The company has refocused its operations on two “key brands” – Café Rouge and Bella Italia – and reduced its debt burden from £258m to £91m.
Tragus Group CEO Steve Richards said: “The restructuring and refinancing phase has been successfully completed and we have transformed Tragus into a focused and financially sound group with a compelling buy and build strategy.
“Bella Italia and Café Rouge will now benefit from substantial investment and innovation as we develop and scale these two well-loved brands”.
Tragus Group has secured an injection of capital from funds managed by Apollo Global Management and a consortium comprising York Capital Management, Deutsche Bank, and Oak Hill Capital Partners.
The company has also agreed to open 12 additional sites this year and has reached agreements on a further 18 sites.
Earlier this week the company announced the sale of the Strada brand to a controlled entity of Sun Capital Partners, for a total consideration of £37m.
Martin Robinson, chairman of Tragus Group, said: “Tragus is now in great shape and it has ambitious growth plans. I am looking forward to working with the team as the business begins its next stage of development”.