TGI Friday's buyout will mean major brand investment
Fri, 30 Jul 2010 | BUSINESS SALE
Popular restaurant chain TGI Friday's is set for UK expansion, after details of a recent British buyout promised an investment of more than £63 million in the business.
Hospitality company, Carlson – which already operated TGI in the US and worldwide – bought up the 60 per cent stake in the UK arm that it did not already own from private equity group AAC Capital Partners.
The deal was valued at £60 million. It is now thought that up to 16 new restaurants could be added to the 46 currently open across the country by 2015. It is part of a plan to expand the global portfolio by 160 within the next five years, to exceed 1,100.
Carlson's president and chief executive, Nick Shepherd, said the strengthening brand was very encouraging.
"We are very pleased with the performance by our UK business operations," he said. "We believe in the strength of the TGI Friday's brand, and are enthusiastic about our initiative to grow in the UK and in other key global markets."
First on the list of new branches include locations at Sheffield's Meadowhall shopping centre and London's O2 Arena, which are hoped to be opened by October. The expansion could create between 1,500 and 2,000 jobs.
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