TGI Fridays lines up further sites for New York-inspired bar and restaurant concept 63rd+1st

By James McAllister

- Last updated on GMT

TGI Fridays lines up further sites for New York-inspired bar and restaurant concept 63rd+1st

Related tags: TGI Fridays, Casual dining, Restaurant, Bar, expansion, Coronavirus

TGI Fridays is planning to open three further sites under its new cocktail-led bar and restaurant brand 63rd+1st this year.

With its debut site in Cobham set to launch once lockdown restrictions ease, TGI is now preparing to expand the New York-style concept across the UK.

Originally announced in November last year​, 63rd+1st is inspired by the original Fridays, which was founded in 1965 in Manhattan by salesman lan Stillman on the corner of 63 Street and 1 Avenue.

According to parent company Electra Private Equity, TGI Friday’s has performed strongly despite the turbulent trading conditions of 2020.

As well as the three additional 63rd+1st sites, two more Fridays restaurants will also open this year.

A further nine targeted locations are in varying stages of development across both brands.

Electra said: "[TGI’s] agility in responding to changing conditions and optimising opportunity, combined with careful financial and cash management, allowed it to end the year with its cash position virtually unchanged from March 2020."

It added the business was well-positioned to emerge strongly from lockdown in a market with competition reduced by an estimated 20% to 30%

TGI Fridays currently runs a total of 85 restaurants and bars across the UK, of which 27 are currently operating takeaway and click-and-collect services.

Related topics: Openings, Casual Dining

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