Fridays owner sees sales improve on 2021

The owner of the Fridays bar and restaurant chain saw revenue improve by 147 per cent in the six months to July 3.

Fridays - formerlly TGI Fridays - In Walsall
Fridays - formerlly TGI Fridays - In Walsall

Hostmore's revenue figure of £98.5 million was seven per cent down on the same period in 2019 before the coronavirus pandemic.

The group has Fridays – formerly TGI Fridays – in Telford, Walsall and Sutton Coldfield and also includes 63rd+1st and Fridays and Go.

Group adjusted earnings before tax for the half year were up from £7.3m in 2021 to £17.8m.

Revenue for the 10 weeks since July 3 is 14 per cent lower than the 2018-2019 comparable period and reflects the impact of weaker consumer demand and other factors including rail strikes and heatwaves.

Two Fridays openings are planned for the final quarter of 2021-2022 and discussions for further store opening opportunities are ongoing.

Chief executive Robert Cook said: "We have delivered a stable performance for the first half of 2021-2022 despite the undeniable and growing pressures on the consumer in the current environment. Against this tough backdrop, we have also taken swift action to manage the inflationary impacts that we and the rest of the sector face.

"We continue to develop our customer proposition and to apply a laser focus on our unique portfolio of iconic and vibrant hospitality brands. Nearly 200,000 customers per week visited our restaurants through June and July, showing the broad appeal of our attractive locations for consumers looking to have some downtime and enjoy a memorable occasion. Pleasingly, guest feedback is increasingly positive."

Mr Cook added: "We, like many others in the sector, await further clarity on more Government intervention to support the hospitality industry in light of the inflationary pressures being felt by consumers and hospitality businesses alike, particularly in relation to energy."

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