(Alliance News) - Electra Private Equity PLC on Tuesday announced Hostmore PLC as the name of the new parent company for its soon-to-be demerged hospitality arm TGI Fridays.
The London-based investment trust said Hostmore is set to be admitted to the Main Market of the London Stock Exchange late in the third quarter of this year.
Hostmore will take with it the casual dining brand Fridays and cocktail-led bar and restaurant brand 63rd+1st.
"Hostmore has been created to provide a platform for the development of hospitality brands to supplement the continued growth of Fridays and 63rd+1st," Electra said.
In the four weeks since re-opening for dine-in customers on May 17, TGI Fridays stores have recorded like-for-like growth of 13% compared to the same period in 2019, it said. This growth excludes the contribution from new stores including that of the first 63rd+1st store, which is trading in line with expectations, Electra said.
Electra also plans to list footwear retailer Hotter Shoes on the junior AIM market in the fourth quarter of this year, by turning Electra itself into the listing vehicle for what will be its last portfolio holding.
Electra said in May it had decided to keep the two companies on the stock market rather than sell them outright because it was the "optimal outcome for shareholders", due to the companies "potential for further significant longer-term value creation".
TGI Fridays and Hotter Shoes are Electra's two largest remaining portfolio assets. In April it sold its Sentinel business for GBP22 million to Aalberts.
Electra shares were down 0.2% at 588.80 pence each in London on Wednesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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