Light at the end of the tunnel for Tragus

The group, which just sold most of its Strada portfolio to Sun Capital partners​​ for £37m, is now focusing on Café Rouge and Bella Italia’s 200 sites.

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.”

Thanks to the restructuring and three company voluntary arrangements​​ (CVAs) completed over the summer, Tragus has reduced its debt from £258m to £91m.

It has received capital injections by Apollo Global Management, as well as York Capital Management, Deutsche Bank, and Oak Hill Capital Partners, offering it ‘financial strength and stability’. Capex funding of £110m will be invested in the existing estate and for expansion plans.

Tragus plans to open 12 additional sites this year, and has reached agreements on 18 more.

Robinson is currently chairman of Center Parcs and non-executive director of Disneyland Resort Paris.

He 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.”