The Caterer

Pesto sells Liverpool site to TGI Friday's for ‘seven-figure' premium

31 January 2014 by
Pesto sells Liverpool site to TGI Friday's for ‘seven-figure' premium

Pesto Restaurants has sold its site on the Restaurant Terrace at Grosvenor's Liverpool One to TGI Friday's for a "seven-figure" premium.

The deal for the 5,785 sq ft restaurant followed an unsolicited approach by TGI Friday's. It will be one of eight new TGI units this year.

The price remains undisclosed but it is believed to be the highest paid in the North West of England and possibly for any restaurant unit outside London.

The offer effectively acted as a ‘site securing payment', with agreement to close the business down and strip it out upon completion.

Jeremy Collins, director of Jenics, the property agency that acted for Pesto, said: "The offer was so substantial that it was difficult to reject and the proceeds will enable Pesto to reinvest in the role out of its ‘Pesto in the Pub' concept, which is going from strength to strength across the North West and Midlands."

Last year Jenics advised on the disposal of Pesto's Manchester Deansgate site following an unsolicited approach by Byron.

CBRE acted for TGI Friday's, which has more than 60 restaurants across the UK.

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