Signature Hospitality Group has acquired TGI Fridays restaurants in Australia and New Zealand from Imperium Group.
The deal comprises ten locations across Victoria, New South Wales and South Australia. Financial terms were not disclosed.
TGI Fridays globally has almost 1000 restaurants in 60 countries, including more than 500 restaurants in the United States netting revenue in excess of AUD 4.7 billion.
“We are proud of the TGI Fridays brand and strong Australian market presence that has been created over the past two decades,” says Imperium managing director Andrew Cox. “This transaction is a win for all parties and we are excited and confident that under Signature’s ownership TGI Fridays will experience significant growth and capitalise on new opportunities. For Imperium, this transaction frees up resources that the company can deploy to focus on growth of its New Zealand luxury hotel businesses and other strategic growth opportunities within Imperium’s portfolio.”
The first TGI Fridays restaurant opened in 1965 in New York City. Imperium acquired the license for TGI Fridays in Australia and New Zealand in 2001 when the brand had three restaurants in Australia. TGI Fridays has since grown to 10 locations serving more than one million customers each year and employing over 450 people nationally.
“We are very excited with the opportunities ahead for TGI Fridays and are looking forward to working with their outstanding management team,” says James Sinclair, CEO of Signature Hospitality Group. “TGI Fridays is an iconic global brand with a strong history of successful performance and significant opportunity for future growth.”
Signature Hospitality Group has extensive hospitality experience and a demonstrated ability to build strong brands and businesses. Sinclair with his business partner Bradley Harris founded hospitality brand The Sporting Globe Bar & Grill, with nine locations nationally. Sinclair will continue to oversee both businesses. Signature’s board also comprises Geoff Sinclair, chairman of San Churro Chocolateria, and Geoff Harris, co-founder of Flight Centre.
The group will reinvest in existing locations and further expand both TGI Fridays and The Sporting Globe nationally.
Image: James Sinclair and Andrew Cox