TGI Fridays expected to float on the London Stock Exchange later this year
Monday, May 24, 2021
TGI Fridays' owner has unveiled plans to float the restaurant chain on London's FTSE 100.
Electra executive chairman Neil Johnson said:"The board has decided the optimal outcome for shareholders is probably to deliver a capital market solution for the two companies.
The first three trading days in England since the store re-opened in 2019 showed comparable growth of 76% on the same period the year before, the company added.
Electra, which has been significantly reducing its portfolio since being bought by activist investor Edward Bramson, highlighted a "strong pipeline" of locations including three more TGI Fridays, and four locations under its New York diner-inspired 63rd & 1th brand.
All 87 TGI restaurants on Friday, including the newly reopened Lincoln location, are open with customers welcomed back in on Monday for the first time in more than four months.