Electra names new parent company for hospitality brands

Electra Private Equity has announced that Hostmore plc is the name of the new parent company for its hospitality brands TGI Fridays and 63^rd+1^st.

Following the announcement last month that it intends to demerge its Fridays business, Electra has established Hostmore to house the brands with the intention to admit them to the Main Market of the London Stock Exchange late in the third quarter of this year.

The new parent company will provide a platform for the development of hospitality brands to supplement the continued growth of both Fridays and its new cocktail-led concept 63^rd+1^st.

Their management team will continue to be led by chief executive Robert Cook alongside chief financial officer Alan Clark.

Following the demerger, Hostmore will seek to add rapidly growing, early-stage businesses to its portfolio of complementary brands, exploring opportunities to extend its offering in experience-led hospitality and leisure concepts, said Electra.

Trading in the first four weeks since the reopening of indoor dining has seen Fridays stores record like-for-like growth of 12.5% compared to the same period in 2019. Its first 63^rd+1^st site opened on 24 May 2021 and is trading in line with management expectations.

Electra plans to hold a Capital Markets Day focused on Hostmore/Fridays, for investors, on 29 June 2021.