Whitbread sells T.G.I Friday’s chain for £70.4m
A streamlining strategy at Luton leisure specialist, Whitbread, continued with the sale of its 45 restaurant strong T.G.I. Friday’s business for £70.4m.
The property interests in 15 of the restaurants will be sold to British Land and the remaining 30 properties and the operating business to T.G.I. Friday’s UK Ltd, a joint venture between Carlson Restaurants Worldwide. and ABN AMRO Capital.
The majority of the consideration of £70.4m will be paid in cash on completion, which is expected in March.
The remainder will be paid on receipt of consents required for the transfer of certain properties.