Casual dining brand TGI Friday’s has reported 12-month growth achieving like for like sales up 1.5%, and total sales 2.4%.
The results for the year ending 30 September 2019 also show improved earnings before interest, tax, depreciation and amortisation (EBITDA) which is up 0.5% to a total of £26.9m. It has a net debt of £47.4m and an investment evaluation of £141m, up from £126m in 2018.
Neil Johnson, the chairman of parent group Electra Private Equity, said: “At TGI the new management's focus both on improving customer experience and on operational excellence gives confidence that it is on the right track to further develop the business and deliver profitable growth.”
Robert Cook joined TGI Friday’s on 2 December as the new chief executive. He moved from Virgin Active, where he held the position of UK chief executive since 2016. He replaces Karen Forrester who had been with the group for 12 years.
Johnson added: “The management changes we have implemented at TGI are intended to take what is already a good business to the next level. Robert Cook joined TGI as CEO at the beginning of December 2019 with a remit to focus on growth through improved customer experience, operational excellence and accelerated evolution of the business, with profitable growth, to adapt to evolving market conditions and customer expectations. We are confident that Robert and the strengthened team that he has assembled will revitalise and grow the TGI brand and business.”
TGI Fridays is an American-themed restaurant chain with more than 80 branches in the UK.