TGI Fridays will become a public company through a merger with a franchise partner
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Today, April 16, American restaurant chain TGI Fridays reported on a merger with its British partner Hostmore Plc, which operates TGI Fridays restaurants as a franchise. According to experts interviewed by the TV channel CNBCthe merger amount will be about $220 million.
Following the merger, which is expected to be completed in the third quarter of this year, the combined company will be known as TGI Fridays Plc. Its shares, under the symbol TGIF, will begin listing on the London Stock Exchange, where Hostmore Plc’s shares currently trade.
TGI Fridays reported sales of $1.4 billion in 2023. Following the merger, TGI Fridays Plc will remain headquartered in Dallas, with current TGI Fridays CEO Weldon Spangler serving as CEO. The single company will operate approximately 600 restaurants in 44 countries, of which 189 are in the United States. In 2019, TGI Fridays already announced plans to go public as part of a SPAC transaction (merger with a public shell company), but the COVID-19 pandemic disrupted these plans.
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