TMR Capital, a British Virgin Islands-based activist investment hedge fund, firm wants to see the break-up of Wagamama owner The Restaurant Group, and is eyeing a bid for two of the company's four divisions, according to a report by The Telegraph.

TMR Capital (TMR), a British Virgin Islands-based activist investment hedge fund firm wants to see the break-up of Wagamama owner The Restaurant Group (TRG) and is eyeing a bid for two of the company's four divisions, according to a report by The Telegraph.

TMR, which holds a 1.75% stake in TRG, is reportedly considering a bid for the group’s Brunning & Price pub business, and its leisure division, which operates casual dining chains Frankie & Benny's and Chiquito. 

TMR's plan would see TRG left with just Wagamama and an estate of bars and pubs it operates at airports and train stations across the UK.

Discussions are reportedly at an early stage and no price has been discussed yet, although the Telegraph cites City analysts as saying a "Knockout" offer would be around the £200m mark.

TMR is just one of a number of activist investors agitating for change at TRG with Hong Kong-based hedge fund Oasis and New York-based groups Coltrane Asset Management and Irenic Capital all arguing that business should be broken up.