TGI Friday's UK bought out in £30m-plus deal
Carlson, the US-based hotel and restaurant chain, has acquired the remaining 60 per cent stake in TGI Friday’s in the UK for $50m (£31.96m).
The private group – which already owned 40 per cent of the UK operation – purchased the stake from AAC Capital Partners, the private equity firm that replaced Whitbread when it sold its stake in the operator three years ago.
Carlson said the deal was part of a $100m investment strategy for the brand in the UK in the next five years.
The group also aims to expand its global portfolio of TGI Friday’s by 160 to nearly 1,100 by 2015.
TGI Friday's UK to perform well for guests
Hubert Joly, president and chief executive officer of Carlson, said: “We are confident that TGI Friday’s in the UK will continue to perform well for our company and our guests, and we believe the brand’s strong momentum provides the potential for continued global expansion.”
Nick Shepherd, president and chief executive of Carlson Restaurants, said the company had been very pleased with “the performance of our UK business operations”.
The move by Carlson comes after it was revealed the UK operation had seen a 50 per cent upturn in annual underlying profits to £10.2m, on sales up 7.9 per cent to £99.5m.
Martyn Leek is news editor of BigHospitality's sister title M&C Report.
