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Chain gets approval to cut rent

THE restaurant chain behind Cafe Rouge and Bella Italia has won the approval of landlords to cut its rents as part a major restructuring by its new owners.

The group, which runs 290 outlets and employs 7,000 staff, has negotiated a company voluntary arrangement with its landlords which will allow it to ease the terms of its rent.

Separately it is arranging a debt for equity swap with lenders to cut borrowings.

Tragus Group was bought by a consortium, led by private equity firm Apollo Capital Management, from Blackstone earlier this year.

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