The liquidation of public firm holdings by Odey Asset Management, the crisis-hit hedge fund, has gathered tempo with the sale of a multimillion pound stake in Wagamama’s mother or father firm.
Sky News has learnt that Odey offered roughly 2% of The Restaurant Group (TRG) on Thursday to Oasis Management, which has been pushing for an overhaul of the informal eating chains operator.
The buy takes Oasis’s stake in TRG to about 14.5%, in keeping with insiders.
It is the newest in a slew of stake gross sales by Odey because it battles to include the fallout from a litany of sexual assault claims towards founder Crispin Odey.
In the previous week, it has offloaded or lowered positions in automobile vendor Pendragon, electrical items retailer AO and Plus500, the web buying and selling providers supplier.
Mike Ashley’s Frasers Group was the acquirer of Odey’s near-20% stake in AO.
Crispin Odey has denied the FT’s claims. Pic: Shutterstock
Odey Asset Management stated on Thursday that it could break itself up, with a few of its fund managers in talks to affix different corporations.
It continues to carry a residual stake in TRG, in keeping with one supply.
Oasis has criticised the restaurant operator’s boardroom pay practices however did not win widespread assist for its views on the firm’s current annual assembly.
Oasis and TRG declined to remark.
Content Source: information.sky.com