Belfast Telegraph

Electra sale off but TGI Friday’s could be gobbled up

The company, majority owned by Edward Bramson’s Sherborne, put itself up for sale in May.

TGI Friday’s could be sold (Chris Ison/PA)
TGI Friday’s could be sold (Chris Ison/PA)

Private equity firm Electra has ended its formal sale process after failing to drum up interest in a takeover, but assets including restaurant group TGI Friday’s could still change hands.

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The company, majority owned by Edward Bramson’s Sherborne, put itself up for sale in May.

But, on Friday, the firm said “no firm interest has been received in acquiring the company”.

“As such the board today confirms that it has closed the formal sale process and terminated discussions with interested parties regarding potential acquisition of the company,” Electra said.

However, the firm added that it has received interest from buyers in acquiring each of its portfolio assets, one of which includes TGI Friday’s.

Electra also owns Hotter Shoes and Photobox Group, which is the firm behind Moonpig.

Discussions with interested parties continues, Electra said, with the outcome to be announced by the end of October.

Chairman Neil Johnson said: “In May we announced that, as part of the third and final stage of our strategic review, we would consider selling some or all of our portfolio assets either at asset level or through the sale of the company.

“Whilst as part of our review we continue to explore interest in the portfolio of assets, individually and in groups, with each of our main assets having received more than one expression of interest, we are no longer considering a sale of the company and have therefore terminated the regulated formal sales process.”

Electra has sold off most of its assets over the last two years as part of a strategic review, which was undertaken at the behest of Mr Bramson, a high-profile activist investor.

Mr Bramson stepped down as chief executive of Electra in December and is now attempting a shake up at Barclays through Sherborne.

Press Association