Odey firesale goes on as Oasis will increase Wagamama stake
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 dad or mum firm.
Sky News has learnt that Odey bought 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%, based on insiders.
It is the newest in a slew of stake gross sales by Odey because it battles to comprise the fallout from a litany of sexual assault claims in opposition to founder Crispin Odey.
In the previous week, it has offloaded or diminished positions in automotive seller Pendragon, electrical items retailer AO and Plus500, the net buying and selling companies 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, based on one supply.
Oasis has criticised the restaurant operator’s boardroom pay practices however didn’t win widespread help for its views on the firm’s latest annual assembly.
Oasis and TRG declined to remark.