(Alliance News) - Electra Private Equity PLC on Friday offered more detail for its to demerge restaurant chain operator Hostmore PLC.
Hostmore is set to start trading in London early next month, and operates popular Fridays restaurant, which was previously branded as TGI Fridays - an American-themed casual dining brand.
"While Fridays has been trading for over three decades in the UK, Hostmore was established in 2021 to provide a platform for the development of hospitality brands under the leadership of an experienced management team that has a track record of building businesses in the hospitality and leisure sectors," Electra said.
It added: "The board of Electra believes that the strategy of establishing Hostmore as an independent listed company provides shareholders with the optimal opportunity for short and long-term value creation."
Over the 20 weeks since indoor dining resumed in the UK, Hostmore reported like-for-like growth of 11% versus 2019. In the 11 weeks since the further relaxation of Covid-19 restrictions in July, like-for-like growth averaged 12%.
"The demerger and listing of Hostmore leaves us well placed to continue to develop enduring value through our existing and future brands and we look forward to the future with excitement and confidence," said Hostmore Chief Executive Robert Cook.
Hostmore expects its shares to start trading on London's Main Market on November 2.
Shares in Electra Private Equity were 0.7% lower in London on Friday at 596.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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