Carlson, the US-based parent company of the TGI Friday’s casual-dining chain, has announced it is undertaking a corporate review of its strategic options, which could include a possible sale of the restaurant brand.
The company currently operates about 920 restaurants in more than 60 countries, including 60 in the UK under Karen Forrester.
It has appointed consultancy firm Piper Jaffray to review its options.
The group said TGI Friday’s was delivering a strong growth in sales and restaurant counts internationally, with highlights including UK comparative restaurants sales leading the category for four consecutive years.
“Capitalizing on Fridays’ strong marketplace momentum, the board has determined that this is the optimum time to assess its options for the iconic restaurant brand, including a possible sale,” Trudy Rautio, Carlson’s president and chief executive, said in a statement.
In addition to Fridays, the Carlson Rezidor Hotel Group includes more than 1,300 hotels in operation and development, and Carlson holds a majority stake in Carlson Wagonlit Travel.
The company said that its recent restaurant refurbishment programme would complete the remodel of more than 60 company-owned restaurants and had produced an average sales lift of 10%.
“This is an exciting time for Fridays restaurants worldwide and for our employees,” brand president and chief executive Nick Shepherd said in a statement. “For the past several years, Carlson has invested heavily in the business to refresh the brand, coupled with aggressive actions within the corporate structure to contain costs.
“In support of our brand promise, ‘In here, it’s always Friday,’ we are uniquely positioned as the best casual-dining bar in our category, which enables us to deliver strong results for our owners,” he said.
