Restaurants

Electra eyes TGI Friday’s sale

The news comes after TGI Fridays UK launched a new cocktail led bar and restaurant brand, named 63rd+1st

The private equity owner of TGI Friday’s Electra is reportedly planning to put the restaurant chain up for sale later this year. 

According to The Times, Electra is planning to sell off its assets before the end of the year and return the proceeds to shareholders. 

Electra acquired TGI in December 2014 in a £225m deal from Sentinel Capital Partners and TriArtisan Capital Partners. It is thought that Electra now values TGI at around £275m.

Electra also owns brands Hotter Shoes, the footwear retailer, and Sentinel, which makes cleaning products and hot water systems with other private equity firms reportedly likely to show interest in all three companies.

The news comes after TGI Fridays UK launched a new cocktail led bar and restaurant brand, named 63rd+1st.

Inspired by the original Fridays founded in 1965 in Manhattan, on the corner of 63rd Street and 1st Avenue, the company said 63rd+1st is a “visible departure” from the iconic Fridays brand but “harks back to the same principles of classic cocktails, quality food and legendary atmosphere”.

At the time of the announcement,  Robert B. Cook, CEO of Fridays and 63rd+1st, said: “This is an exciting time for the Fridays business and a reflection of our long-term commitment to growth. We have seen a credible performance this year, despite the challenges of Covid-19.

“We have been agile, responsive, and continued to innovate throughout 2020 and this is a further demonstration of our ambition. We also recognise in this new world that audiences are becoming increasingly discerning and their attitudes towards food and drink are evolving.”

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