LONDON, UK: Hostmore plc will demerge from Electra Private Equity, and the Hostmore shares will be admitted to trading on the London Stock Exchange’s main market on 2 November 2021.
The Board of Electra believes that the strategy of establishing Hostmore as an independent listed company provides shareholders with the optimal opportunity for short and long-term value creation through each of:
1) The recovery of the market and consumer confidence as we emerge from the Covid-19 pandemic;
2) Market share gains arising from further development of the Fridays and 63rd+1st brands in the United Kingdom with continued focus on quality, relevance and simplification; and
3) Development of the Hostmore business through acquisition and development of new brands.
Hostmore is a growing hospitality business with its current operations focused on the American-themed casual dining brand, Fridays, and the cocktail-led bar and restaurant brand, 63rd+1st. While Fridays has been trading for over three decades in the UK, Hostmore was established in 2021 to provide a platform for the development of hospitality brands under the leadership of an experienced management team that has a track record of building businesses in the hospitality and leisure sectors.
Hostmore businesses are, and will be, defined by iconic brand experience, vibrant heritage and sector-leading technology. Its strategic focus will be to optimise its brands, aligning them with evolving consumer demands and delivering personalised customer engagement, optimising experience and efficiency through digital leadership. Hostmore’s mission is to make every customer experience relevant and engaging, to celebrate the unique heritage and character of its brands, and create environments where people have fun and feel welcomed.
As of 30 September 2021, Hostmore’s group operated 87 restaurants in the United Kingdom, a majority of which are located in high footfall locations, including retail parks, shopping centres and city centres.
Robert B. Cook, Chief Executive Officer of Hostmore, commented: “We are delighted to be announcing the intention to proceed with the demerger and listing which, subject to the approval of Electra shareholders, we expect to complete in early November. The demerger and listing of Hostmore leaves us well placed to continue to develop enduring value through our existing and future brands and we look forward to the future with excitement and confidence.”
Hostmore is exploring opportunities with TGI Friday’s, Inc. to expand its existing brands into new franchise territories and, following the Demerger, will seek to add rapidly growing, early-stage businesses to its portfolio of complementary brands, exploring opportunities to extend its offering into experience-led hospitality and leisure concepts.