Hostmore admitted to London Stock Exchange

By BigHospitality

- Last updated on GMT

TGI Fridays and 63rd+1st parent company Hostmore admitted to London Stock Exchange

Related tags: TGI Fridays, 63rd+1st, Casual dining, Multi-site, London stock exchange, Initial public offering, Hostmore

TGI Fridays and 63rd+1st parent company Hostmore has completed its demerger from Electra Private Equity and been admitted to the London Stock Exchange.

Hostmore’s entire issued ordinary share capital, consisting of 126,127,279 ordinary shares of 20p each, was admitted to trading on the London Stock Exchange plc’s main market for listed securities under the ticker MORE yesterday morning (2 November).

The group said it was well positioned to continue to grow profitably as an independent listed group, with the opportunity for 'significant market share gains' as the consumer climate improves.

Hostmore said it hopes to open four new Fridays and three 63rd+1st locations over the coming year, with the potential for strategic growth through additional brands or geographies.

The second 63rd+1st in Glasgow launched in late September and has performed in line with revenue expectations, with the next site in Harrogate to open its doors in late November.

Robert B. Cook, CEO, said Fridays continues its transformation, revenue growth and EBITDA performance over the past six months (May to October 2021) has been ahead of the comparable 2019 trading period.

“For Hostmore, this is a significant milestone for our two brands and provides us with a solid platform to develop our business through a combination of both the organic addition of individual sites and the acquisition of appropriate smaller brands," he said.

“Whilst the industry continues to face the well-publicised headwinds of inflationary pressures and supply chain issues as a result and impact of the Covid-19 ‘whiplash’, our staffing levels and costs and other operating costs are in line with expectations, with utility and other supply costs largely fixed in the medium term.

"I remain confident in our ability to introduce appropriate mitigating actions to minimise any negative impact, as we have done to date.”

Ahead of yesterday's float, MCA, BigHospitality's sister site, took a look at the group’s admission document and analysed its prospects​. 

Related topics: Business & Legislation, Casual Dining

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