The owner of Wagamama has won support from another of its biggest investors as a fight with the activist hedge fund Oasis intensifies ahead of next week’s annual meeting.

Sky News has learnt that Royal London Asset Management (RLAM), which owns just under 5% of The Restaurant Group (TRG), will vote in favour of its board on all resolutions including directors’ re-election and remuneration.

Its backing adds to that of Columbia Threadneedle Investments, which holds a 19% stake and said earlier this month that it would back Ken Hanna, chairman, and Andy Hornby, chief executive.

Oasis has called for a strategic shake-up of the group, which also owns pubs and concessions businesses, and chains such as Frankie & Benny’s.

City sources said Oasis, which owns 12.3% of TRG, would oppose the re-election of Mr Hanna, Mr Hornby, the company’s pay committee chair and both its remuneration policy and remuneration report.

The fight comes after TRG rejected Oasis’s demand for a board seat and has rapidly turned into one of the most bitter activist fights in the London market this year.

In a statement issued to Sky News, Richard Marwood, a senior fund manager at Royal London Asset Management, said: “We are supportive of the management.

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“Some of the views out there, that there is value to be crystallised by changing the structure of the group, are not lost on the management team.

“They are not intransigent and are working hard, both operationally and strategically, to create value for shareholders.”

TRG issued a positive trading update earlier this month, and has been boosted by a research note from analysts at Shore Capital who cited its “robust performance”.

Shares in TRG were trading on Thursday at around 49.65p, giving the company a market value of roughly £370m.

It recently announced plans to close 35 underperforming sites, while others in the sector, such as Prezzo, are turning to insolvency mechanisms to enforce site closures.

A spokesperson for TRG declined to comment.

Glass Lewis and ISS, the proxy advisers, have recommended that TRG shareholders vote with Oasis, while the Investment Association’s voting advisory service has backed Mr Hanna over Mr Hornby’s pay.

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