Pizza Express owner not planning to make offer for Restaurant Group

The owner of Pizza Express cited "market conditions" on Tuesday as it confirmed that it does not intend to make an offer for The Restaurant Group.

TRG announced on 26 October that it had received a request for due diligence from Wheel Topco, as it was evaluating a possible offer for the Wagamama owner.

Just two weeks earlier, TRG said it had agreed to be taken over by private equity firm Apollo in a £701m deal. Under the terms of the deal, TRG shareholders will receive 65p in cash per share.