Hostmore, the new parent company for Fridays restaurant chain, has begun trading on the London Stock Exchange.
The group, which is responsible for Fridays and 63rd+1st, announced a demerger that separated it from Electra Private Equity.
On Tuesday morning, shares were admitted to London Stock Exchange with 126,1272,279 ordinary shares priced at PS0.20 each.
Robert B. Cook, Hostmore’s chief executive officer, stated that this was a significant milestone in Hostmore’s two brands. It also provides us with a solid platform for developing our business through both organic additions of individual brands and acquisitions of smaller brands.
“While the industry is still facing the well-publicized headwinds of inflationary pressures, supply chain issues, and the impact of the Covid-19 “whiplash”, our staffing levels, costs, and other operating expenses are in line with expectations. Utility costs, as well as other supply costs, will be largely fixed in the medium term.”
Core brand Fridays, formerly known as TGI Fridays, will continue its “transformation” with revenue growth in May to October 2021 over the comparable 2019 trading period.
Brand 63rd+1st opened its second site in Glasgow in September. Cook said that it had performed in line with revenue expectations in terms of average spend and product mix.
In Harrogate, a third location will be open in November.
Electra stated that it will continue as a listed trust investment trust in the meantime. Shareholder approval will be required to allow the Main listing.
Unbound Group will be the new name of the company and it will cease to be an investment trust. Hotter Shoes will be Unbound’s main investment.
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