This company is offering Christmas bonus of up to Dh9,000

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This company is offering Christmas bonus of up to Dh9,000

London - Spirit of the holidays.

By Web Report

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Published: Fri 21 Dec 2018, 2:41 PM

Last updated: Fri 21 Dec 2018, 6:59 PM

Wagamama was sold last month to Frankie & Benny's owner, The Restaurant Group, for £559 million.
Following the massive sale deal, Wagamama's nearly 4,000 staff will take home a share in a £4 million (Dh18.62 million approx) Christmas bonus. 
The decision was made by outgoing chief executive Jane Holbrook and Wagamama's former private equity owner DukeStreet, and will see staff take home up to £2,000 (Dh9,000 approx) each, reported Metro.uk.
The chefs and managers will bank £2,000 each, while waiting staff will get £1,000, provided they have worked at Wagamama for over 12 months.
Duke Street acquired Wagamama in 2011 for £215 million. The new owner, Restaurant Group chief executive Andy McCue, plans to explore international growth opportunities for Wagamama and expand across the UK and pilot pan-Asian cuisine 'food-to-go' offerings. 
As part of the deal, Emma Woods will replace Holbrook as chief executive, and chairman Allan Leighton will join the Restaurant Group board.
Wagamama has outperformed the market, booking sales of £306.7 million and with an operating profit of £43 million last year. While the takeover was approved by Restaurant Group shareholders, there was a significant level of opposition.
Just under 61 per cent of shareholders supported the deal, which will be paid for through a combination of a £315 million rights issue and a £220 million revolving credit facility.


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