Activist hedge fund Oasis Capital Management has delivered an ultimatum to London-listed The Restaurant Group (TRG) - the owner of the Wagamama and Frankie & Benny's casual dining chains, demanding either a company overhaul or the removal of CEO Andy Hornby, according to a report by the Financial Times.

Activist hedge fund Oasis Capital Management has delivered an ultimatum to London-listed The Restaurant Group (TRG) - the owner of the Wagamama and Frankie & Benny's casual dining chains, demanding either a company overhaul or the removal of CEO Andy Hornby, according to a report by the Financial Times.

The report cites two unnamed sources as saying that Hong Kong-based Oasis, which owns a 6.5% stake in TRG, is stepping up the pressure having previously expressed its disappointment with how the business is being run and having seen a demand for a seat on the board rejected.

The Restaurant Group's shares have struggled to recover post-pandemic and have slumped by 57% since early 2020, falling 37% in ten last 12 months.

On Wednesday, TRG reported a statutory loss before tax of £86.8 million on an IFRS 16 basis compared to a loss of £35.2 million for the year earlier, although sales for the year ended 1 January 2023 were up to £883 million from £636.6 million in the previous year.

The group is one of the UK's biggest casual dining operators, owning over 400 venues.