Wagamama owner Restaurant Group (TRG) has said that it is “advanced discussions” over a potential divestment of its leisure business.

The outfit, which owns a range of high street restaurant chains including Cafe Rouge, confirmed the talks to Sky News after it reported that the company was negotiating a sale of Chiquito's and Frankie and Benny's to Big Table Group.

Sky News reported the sale could reach a multimillion pound figure.

In a statement, TRG said: "Whilst discussions are ongoing, there can be no certainty that they will lead to a transaction nor as to the final terms of any such transaction.”

TRG in March said that it was looking to cut the number of Frankie & Benny's and Chiquito restaurants, with the group operating a total of more than 380 restaurants and pubs across the UK.

Elsewhere, TRG has announced that its chairman Ken Hanna will step down after less than two years in his role.

Hanna took over as chair at TRG at the start of 2022, but has faced calls to step down for several months from activist investors who want to overhaul the group’s management structure and improve profitability.

The outgoing chairman confirmed the news last week, informing investors that he would not seek re-election at the company’s next annual general meeting in 2024 due to personal reasons. He will remain as chair until a successor is appointed.

TRG chief executive officer Andy Hornby said: "A hugely valued colleague during a critically important period for TRG as we have successfully recovered from the Covid pandemic and made good progress with our strategy.”

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