Home Business Odey firesale goes on as Oasis increases Wagamama stake

Odey firesale goes on as Oasis increases Wagamama stake

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Oasis Management has built its stake in The Restaurant Group to nearly 15% after snapping up shares from the crisis-hit hedge fund, Sky News learns.
City editor
Friday 16 June 2023 13:02, UK
The liquidation of public company holdings by Odey Asset Management, the crisis-hit hedge fund, has gathered pace with the sale of a multimillion pound stake in Wagamama’s parent company.
Sky News has learnt that Odey sold roughly 2% of The Restaurant Group (TRG) on Thursday to Oasis Management, which has been pushing for an overhaul of the casual dining chains operator.
The purchase takes Oasis’s stake in TRG to about 14.5%, according to insiders.
It is the latest in a slew of stake sales by Odey as it battles to contain the fallout from a litany of sexual assault claims against founder Crispin Odey.
In the past week, it has offloaded or reduced positions in car dealer Pendragon, electrical goods retailer AO and Plus500, the online trading services provider.
Mike Ashley’s Frasers Group was the acquirer of Odey’s near-20% stake in AO.
Odey Asset Management said on Thursday that it would break itself up, with some of its fund managers in talks to join other firms.
It continues to hold a residual stake in TRG, according to one source.
Oasis has criticised the restaurant operator’s boardroom pay practices but failed to win widespread support for its views at the company’s recent annual meeting.
Oasis and TRG declined to comment.
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