Whitbread completes sale of TGI Friday's

06 March 2007 by
Whitbread completes sale of TGI Friday's

Whitbread has completed the sale of TGI Friday's, transforming the company into one predominantly focused on budget hotels and coffee shops.

The £70.4m sale to US giant Carlson Restaurants Worldwide, which owns the brand and runs the restaurants directly in the USA, and financier ABN Amro Capital, was originally agreed in January.

However the deal, which also included a sale and leaseback of 15 of the 45 restaurants to British Land, needed the nod from European Union competition authorities before it could proceed.

This, said Whitbread finance director Christopher Rogers on Friday (2 March), had now been received.

Majority shareholder ABN has hinted some elements of the US brand could be brought over to help develop the chain, which has been struggling in the UK for some time.

Jonathan Doughty, managing director of the Coverpoint food consultancy, said: "They will probably have to rebuild the brand from the grassroots back up and decide what it is going to be in the UK."

"In the US it has been much more accessible and more neighbourhood, but in the UK it has been pitched at the premium end, which is now well-populated."

TGI Friday's website >>

Strong hotel growth drives profit at Whitbread >>

Whitbread sells TGI Friday's to joint venture >>

Whitbread to expand Costa chain >>

London takes top spots in TGI UK Bartender of the Year competition >>

By Nic Paton

E-mail your comments to Nic Paton here.

The Caterer Blog](http://www.caterersearch.com/blogs/catering-news-blog/) Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking