TGI Friday’s reports rise in sales

Restaurant, TGI Friday’s has reported 12-month-growth resulting in a 1.5% rise in like-for-like sales.

The results for the year ending on 30 September, reported a 2.4% increase in sales, alongside a 0.5% rise in EBITDA to a total of £26.9m.

The restaurant also reported a net debt of £47.4m as well as an investment evaluation of £141m, compared with £126m last year.

The report follows TGI Friday’s appointing Robert Cook as its new CEO, joining the company from Virgin Active, where he held the position of UK chief executive since 2016. He succeeded Karan Forrester who has been with the group for 12 years.

The restaurant now has over 80 sites across the UK.

Commenting on the results, Neil Johnson, chairman of Electra Private Equity said: “At TGI the new management’s focus both on improving customer experience and on operational excellence gives confidence that it is on the right track to further develop the business and deliver profitable growth.”