Electra Private Equity, the owner of TGI Fridays, has revealed Hostmore PLC as the trading name of its new parent company for the group’s hospitality brands.
Hostmore will control Electra’s firms that are set to be demerged and admitted to the main market of the London Stock Exchange in Q3 of this year.
Included in the affected brands are TGI Fridays and 63rd+1st, a city-based, cocktail-led bar and restaurant group.
Led by Robert Cook, CEO, and Alan Clark, CFO, Hostmore will be tasked with adding “rapidly growing, early-stage businesses” to its brand portfolio, while targeting opportunities to “extend its offering in experience-led hospitality and leisure concepts”.
First announced in May as a part of the group’s half year financial results for FY21, the demerger plans include the listing of both TGI Fridays and Hotter Shoes, a footwear retailer, on the FTSE main market.
However, following the delay to lockdown easing to 19 July, Electra said that it will “continue to assess the optimal capital structure for both businesses and the potential sources of capital”.
Electra claimed that in the four weeks since the reopening of indoor hospitality, like-for-like sales at TGI Fridays increased 12.5% when compared to 2019 levels.