Electra Private Equity passes TGI Fridays on to London’s Hostmore in demerger
Electra Private Equity, the company behind TGI Fridays, has confirmed this morning that new holding company Hostmore will be taking over the American diner brand.
Taking place in the third quarter of this year, London-based Hostmore will also bag cocktail bar 63rd+1st in the demerger.
In the four weeks since restrictions lifted on 17 May, Fridays have enjoyed a like-for-like growth of 12.5 per cent on 2019, after welcoming back dine-in customers.
The private equity company, and former parent firm, announced its plans to demerge Fridays at the end of May.
Electra Private Equity also said the hospitality brands will be posted to the main market of the London Stock Exchange in the third quarter of this year.
Following the demerger, two-month-old Hostmore is set to add more fast-growing, early-stage businesses to its hospitality portfolio.