TGI Friday’s has performed strongly despite the turbulent trading conditions of 2020, according to parent company Electra Private Equity, with several new openings in the pipeline.

It said that TGI’s “agility in responding to changing conditions and optimising opportunity, combined with careful financial and cash management, allowed it to end the year with its cash position virtually unchanged from March 2020”.

Electra said the business was well-positioned to emerge strongly from lockdown in a market with competition reduced by an estimated 20-30%.

When trading reopens Friday’s will reopen its 85 existing sites and in addition will open its first ‘63rd + 1st’ location in Cobham and a new Friday’s store in Lincoln. ‘63rd+1st’ is a new brand building on Friday’s heritage in cocktails to provide a smaller site format cocktails-led experience.

A pipeline of three additional ‘63rd+1st’ stores and two additional Friday’s stores will open throughout 2021 with an additional nine targeted locations in varying stages of delivery across both brands.

At its Annual General Meeting today (24 February), chairman Neil Johnson is expected to announced that each of Electra’s portfolio of companies is trading in line with expectations, consistent with the trends it reported in its final results announcement on 9 December.

“Despite continued uncertainty on timing of the relaxation of trading restrictions, and the impact of that particularly on TGI Friday’s, we remain on track with plans to deliver our strategic objective of portfolio realisation in 2021,” said Electra.