BusinessCorporate FinanceWagamama FD in refinancing windfall

Wagamama FD in refinancing windfall

The finance director of Wagamama has made a small fortune after plans for a flotation or sale were dropped by private equity firm Graphite Investment in favour of a refinancing deal that values the company at £63m.

The noodle-bar chain attracted investments of £17m from Hutton Collins, the boutique investment bank, and banking facilities of £47m from Royal Bank of Scotland, The Independent reported.

Four directors, including finance director Steve Hill, landed a £4m windfall as a result of the deal, which leaves Wagaman with £13m of capital expenditure and overdraft facilities.

Hill owns 15% of the company under the new deal.

It is estimated the chain could double its current 25 stores across the UK with the money.

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