At Extreme Investor Network, we keep you up-to-date on the latest business news, including mergers and acquisitions in the restaurant industry. In a recent announcement, TGI Fridays and Hostmore, the chain’s U.K. franchisee, revealed their plans to merge in a deal valued at 177 million pounds, or $220 million. If finalized, TGI Fridays will become publicly traded on the London Stock Exchange under the ticker “TGIF.”
Under the leadership of CEO Weldon Spangler, the new company will retain its headquarters in Dallas, Texas, and operate 189 restaurants in the U.S. and U.K. Franchisees will continue to manage approximately 400 locations globally across 44 countries. The merger, pending regulatory approval, is expected to close in the third quarter.
This merger marks a new chapter for TGI Fridays, which was acquired by TriArtisan Capital Advisors in 2014. Despite facing challenges in recent years, including the impact of the Covid-19 pandemic, the chain has shown resilience and adaptability in the face of industry trends.
Spangler’s strategic vision for TGI Fridays involves a renewed focus on its bar offerings, recognizing the profitability of alcoholic drinks in the restaurant business. In addition, the chain has made key hires, such as bringing on Ray Risley as its U.S. president, to drive growth and innovation.
As part of its turnaround strategy, TGI Fridays recently closed 36 underperforming locations in the U.S. The company is now leveraging its heritage and strengths to position itself for success in a competitive market.
Stay tuned to Extreme Investor Network for more insights and analysis on the latest trends in the business world. Subscribe to our newsletter to receive exclusive content and updates on emerging opportunities in the market.
