Hostmore to close final 63rd + 1st cocktail bar sites

Hostmore is to wind down its 63rd+1st restaurant and cocktail bar concept by the end of this month.

 

The parent company of TGI Fridays said the final two sites under the brand would close by 30 June.

 

Hostmore launched the 63rd+1st concept in 2021, when hospitality venues reopened after lockdown.

 

It was inspired by the original TGI Fridays in New York, which opened in 1965 on the corner of 63rd Street and 1st Avenue in Manhattan, and was designed to work in smaller sites as a cocktail-led experience with a streamlined menu.

 

The first restaurant launched in Cobham, Surrey, and it expanded to Harrogate, Edinburgh and Glasgow.

 

However, the Harrogate site closed in 2022 after Hostmore said it was “not seeing the returns” on investment.

 

Only the Glasgow restaurant is still listed as trading on the brand’s website.

 

Hostmore said in a trading update: “The final two 63rd + 1st store locations are expected to be closed by 30 June 2024, with the brand’s supply chain and support function expense having now been removed, improving future earnings before interest, taxes, depreciation and amortisation (EBITDA) performance for the group.”

 

Hostmore runs more than 80 restaurants under the TGI Fridays brand as its largest franchisee.

 

Last year, Hostmore said it was delaying opening any new restaurant openings until 2025 as part of a cost reduction programme.

 

Like-for-like sales across the group during the first four months of the year were 10% down on the previous year.

 

However, the group said EBITDA was £3.3m up on the same period in 2023.

 

Earlier this year Hostmore said it had entered a £177m to acquire the wider TGI Fridays business.

 

The deal is expected to complete before the end of Q3 2024.