TGI Fridays and its U.K. franchisee, Hostmore, announced plans to merge through an all-share deal valued at 177 million pounds .Earlier this year, TGI Fridays closed 36 underperforming restaurants in the U.S.TGI Fridays and Hostmore, the chain's U.K. franchisee,The all-share deal is valued at 177 million pounds . If it closes, TGI Fridays, best known for its potato skins, chicken wings and endless appetizers, will be publicly traded on the London Stock Exchange under the ticker "TGIF.
The company's headquarters for its U.S. and global brand operations will remain in Dallas, Texas. CEO Weldon Spangler, who has led the company since October, will keep his current role. "This transaction represents the next step in our journey as it increases our corporate-owned restaurant locations and provides capital to expand our presence globally," Spangler said in a statement.
The new company would own 189 restaurants in the U.S. and the U.K., the companies said. Franchisees would operate the remaining roughly 400 locations of the chain's global footprint, which spans 44 countries.TriArtisan Capital Advisors bought TGI Fridays from longtime owner Carlson Restaurants in 2014 in a deal reportedly valued at more than $800 million. TriArtisan also owns stakes in P.F. Chang's and Hooters.
In 2022, TGI Fridays' revenue rose 3.6% to $75.2 million, according to U.S. franchise disclosure documents. But the bar and grill chain has been stuck in turnaround mode as shopping malls decline and the casual-dining segment loses customers.