Electra Private Equity PLC - London-based private equity investor - For its Hostmore unit, like-for-like sales increase 11.8% for the 16 weeks since resuming indoor dining on May 17, compared to the same period in 2019.
For the seven weeks since the further easing of restrictions on July 19, LFL sales growth averages 15% against Covid-19 restrictions.
"We are delighted with the continued strong performance of our two brands, Fridays and 63rd+1st. Fridays continues to outperform the market and we are opening our next two 63rd+1st sites - in Glasgow later in September and Harrogate in November - following a successful launch in Cobham earlier this year in May. Whilst the industry continues to face Covid-related challenges, I am confident in our ability to continue managing these well," says Chief Executive Officer Robert Cook.
Electra first announced in June that it would spin off its restaurant brands TGI Fridays, which operates across the UK, and 63rd+1st, which has one location in Cobham, Surrey. The new company will be called Hostmore PLC, and shares will be given to Electra shareholders.
It also plans to list Hostmore on the main market of the London Stock Exchange, which is scheduled for the fourth quarter of 2021.
Current stock price: 590.00 pence
Year-to-date change: up sharply from 279.50p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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