TGI Fridays Christmas bookings soared across their restaurant chains as they were “mindful” of the “cost of living crisis” affecting families pockets.
Fridays owners Hostmore saw an “improvement” in trading towards the end of last year as they went back to their “roots and understand who we were and our core market.”
In the later part of 2023 the company are expected to hit £5.4 million of EBITDA, the net bank debt for the year was £25.1 million compared to £31.3 million on 2 July 2023.
Chief executive officer of Hostmore, Julie McEwan told the PA news agency, “We were mindful that the cost of living crisis affected quite a lot of families over time, so we wanted to go back to our roots and understand who we were and our core market.
“We looked at our booking strategy and also looked at what our competitors were doing, we made it as frictionless as possible, but also with a smaller deposit.
“A lot of competitors were saying if you want to come and dine with us, and you’ve got a party of 12, for example, it was £10 per head.
“We took that deposit right down which meant that our deposits went up and our core market – our families – could afford to actually come and book with us, and they did.”
McEwan continued, “We have continued making good progress in executing our turnaround strategy, through disciplined capital allocation and the delivery of further cost reductions.
“Our organic growth initiatives, implemented through a strong and motivated operational platform, have improved the financial outlook of the business and continue into 2024.”
“We’ve got really motivated teams and a lot of the ideas that we use come from the experience within the brands,” she added.
“Also, what we are doing is we’re utilising our brand equity and also our heritage of TGI Fridays, so what worked really well and taking the best of both, looking at the consumer of the future and how we can attract more footfall in as well.”