(Alliance News) - The UK operator of TGI Fridays has gone into administration as the hospitality firm scrambles to sell its chain of 87 restaurants across the country. Read More
(Alliance News) - Hostmore PLC's shares plummeted on Monday following the announcement that the hospitality firm is no longer pursuing its acquisition of the TGI Fridays Inc brand. Read More
Hostmore PLC - West Sussex, England-based owner of casual dining brand TGI Fridays - Says that in the 20 weeks to May 19, like for like sales were 10% lower compared with the same period last year. Earnings before interest, tax, depreciation and amortisation however "continues to perform ahead of 2023", rising year-on-year by GBP3.3 million. Expects the final two locations of its 63rd+1st cocktail bar and restaurant chain to close by June 30, "improving future Ebitda performance". Also expects net debt to peak this year at the end of the third quarter, "later than typically experienced", based on lower revenue and the timing of around GBP3 million in transaction fee payments related to the proposed takeover of franchisor TGI Fridays Inc, from TriArtisan Capital Advisors LLC and MFP Partners LP, announced in mid-April. Deal has an enterprise value of GBP177 million and will give Hostmore shareholders a 36% stake in the combined unit, with current shareholders in TGI Fridays holding the remainder. Company notes that its existing net debt is expected to be repaid upon or shortly after completion. Also says the combined group's refinancing process "has received interest from numerous lenders and is currently under exclusivity with one party to agree a package", and the deal remains on schedule to reach binding terms and close before the end of the third quarter. Read More
(Alliance News) - Hostmore PLC on Friday reported a narrowed annual loss, as trading in its shares was restored. Read More
(Alliance News) - Stock prices in London closed down on Tuesday, as investors showed concern over rising geopolitical tensions between Iran and Israel, while hopes of three US Federal Reserve interest rate cuts this year continue to fade. Read More
(Alliance News) - Hostmore PLC on Tuesday said it agreed to combine with its own franchisor TGI Fridays Inc, while it posted a trading update in which it noted a decline in revenue due to lower demand. Read More
(Alliance News) - European equities were sharply lower heading into Tuesday afternoon, on US interest rate concerns and mixed data from China, while tensions in the Middle East continue to simmer. Read More
(Alliance News) - Stock prices in London opened lower on Tuesday, with nearly all of the FTSE 100 in the red, as investors fret over US interest rate worries and simmering global tensions. Read More
(Alliance News) - London's FTSE 100 has been called to open lower on Tuesday, following declines for Asian equities and a sizeable drop for US tech shares overnight. Read More
Hostmore PLC - West Sussex, England-based owner of casual dining brand Fridays - Says revenue during second half of 2023 was flat on a like-for-like basis compared with prior year. This was an improvement on the first half, which was down 2% to GBP93.6 million from GBP98.5 million. Says December saw LFL revenue rise 4%, a "particularly encouraging" result, despite reduced operating hours at retail parks and shopping centres during holiday period. Also expects to report FRS102 earnings before interest, tax, depreciation and amortisation of GBP5.4 million, following a GBP3.8 million loss in 2022, with second-half earnings benefitting from restructuring actions implemented in first half. Net bank debt at December 31 was GBP25.1 million, down from GBP31.3 million at July 2. Read More
Hostmore PLC - West Sussex, England-based owner of casual dining brand Fridays - Says that Matthew Bibby has been appointed as permanent chief financial officer, and as a director, effective immediately. Bibby has been acting as Hostmore's interim CFO since September 8. He joined the company in 2019 as head of finance, before becoming the group's finance director in 2022. Read More
Hostmore PLC - West Sussex, England-based owner of casual dining brand Fridays - Says that at its annual general meeting on June 7, Resolution 10 was passed despite 30% of votes cast against. The resolution sought authorisation to make political donations and incur political expenditure. Hostmore says it has directly engaged with the largest shareholders who voted against the resolution to understand their views, and notes that it has not made political donations nor incurred political expenditure since its listing in November 2021, and has no intention of doing so. Explains that it is customary for listed UK companies, including the company, to seek approval of the political donations resolution as a precautionary measure to avoid any inadvertent breaches of UK company law given the breadth of the applicable provisions. Read More
(Alliance News) - Windar Photonics PLC on Friday said Chair Johan Blach Petersen stepped down with immediate effect, although he will continue to serve as a non-executive director. Read More
(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Friday and not separately reported by Alliance News: Read More
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday. Read More
Hostmore PLC - West Sussex, England-based owner of casual dining brand Fridays - Says that Alan Clark has resigned as chief financial officer and executive director of the company in order to pursue other interests. He will step down from both positions immediately, but will continue as an employee for six months to ensure a smooth transition for Hostmore. Read More
(Alliance News) - Unbound Group PLC asked for its shares to be suspended from trading in London on Monday, as it plans to put its main operating subsidiary into administration, under heavy debt. Read More
(Alliance News) - Hostmore PLC on Wednesday reported lower revenue in the first 22 weeks of 2023 to June 4. Read More
(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced this week and not separately reported by Alliance News: Read More