Electra Private Equity, the backer of TGI Friday’s, has announced it is cancelling its existing £275m multi-currency revolving credit facility.

The company said that given its cash balance situation, the facility was no surplus to requirements and ending it would mean annual savings of approximately £3.3m in commitment and amortised arrangement fees.

As at 31 March the company had gross cash balances of £321m and net cash was approximately £185m.