News
The Telegraph reviews that administrators are ‘on standby’ after restructuring consultants at Teneo had been tasked with main the hunt for possible patrons of TGI’s UK restaurants.
It follows Hostmore’s announcement earlier this month that it had abandoned its all-portion acquisition of TGI Fridays within the US after the American community lost succor an eye on of TGIF Funding, which holds correct title to the franchise agreement royalties and other assorted charges and income from mental property of the TGI Fridays industry.
A closing date has been space at the tip of the month for any asset sales that will inspire to repay the firm’s significant lenders, NatWest and HSBC.
Nonetheless, Hostmore has already warned that any sale is anticipated to descend in want of masking the community’s cash owed, which system shareholders are no longer going to get better ‘any well-known price’.
As a consequence, Hostmore’s board expects the firm to be hurt up and delisted from the London Stock Exchange following the completion of any sale route of.
Exchange sources contain told The Telegraph that the prospect of discovering a single buyer for the total TGI UK estate, which also encompasses Fridays and Whisk, a fast casual offshoot of the TGI Fridays designate that has a single house in Dundee, is uncertain.
Rival chains can be tempted to cherry-pick stores within the most horny places, despite the proven fact that, and firm insiders contain careworn that the TGI Fridays designate could dwell to command the story if a soundless owner decided to take it on.
Hostmore was contacted by Restaurant but declined to commentary.