TGI Fridays to expand new cocktail-led concept 63rd+1st this year

24 February 2021 by
TGI Fridays to expand new cocktail-led concept 63rd+1st this year

TGI Fridays is planning to open a further three sites under its new cocktail bar and restaurant concept 63rd+1st this year.

This is according to an AGM statement by Neil Johnson, chairman of its parent company Electra Private Equity.

Johnson said TGI had performed strongly despite the difficulties of 2020, ending the year with its cash position "virtually unchanged" from March.

The first 63rd+1st site is due to open in Cobham, Surrey (pictured) after lockdown and is inspired by the original TGI Fridays, which opened in 1965 on the corner of 63rd street and 1st Avenue in Manhattan.

The concept is designed to work in smaller sites as a more cocktail-led experience with a streamlined menu.

A further three locations will open this year alongside two new TGI sites. An additional nine locations are in various stages of development across both brands.

Johnson said: "With substantial reopening now likely to be in mid-May, this leaves the business well-positioned to emerge strongly from lockdown in a market with competition reduced by an estimated 20%-30% from pre Covid levels by widespread restaurant closures."

TGI Fridays is currently offering delivery and click and collect from 27 sites, and nationwide delivery of prepare at home meals and cocktails.

The group runs a total of 85 restaurants and bars across England, Scotland, Wales and the Channel Islands.

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