TGI Friday’s, the Karen Forrester-led chain, is close to securing its second prime site in London’s Leicester Square, M&C Report understands.
The Electra Partners-backed group, which has recently lined up openings in Reading, Staines and Stevenage, is believed to be in advanced talks to acquire 11,000sq ft bar & restaurant unit currently occupied by Yates.
The site at the heart of the capital’s entertainment scene came to the market for the first time in 15 years earlier this year with a new lease offered at a guide rental of £2m per annum.
Nash Bond and Savills are marketing the lease on behalf of Criterion Capital.
Electra acquired TGI Friday’s UK at the end of last year and its investment is set to help the 66-strong brand expand to 100 sites over the next five years.
It currently operates a site in Coventry Street, near Leicester Square.
The company is targeting six new sites in 2015 and 10 in 2016.
As revealed by M&C Report last month, it is set to take the Tampopo unit in Reading’s The Oracle.
CBRE acts for TGI Friday’s.