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DUNSTABLE, BEDFORDSHIRE-Locally headquartered Whitbread PLC is selling it 45 TGI Friday's restaurants in the UK for $138.86 million (70.4 million pounds). The new owner of 30 of them will be a joint venture of London-based ABN AMRO Capital and Carlson Restaurants Worldwide of Dallas. British Land will be the new owner of the remaining 15, though it has agreed to lease them all to the ABN-Carlson JV. The transaction is expected to close in March.
The sale marks the completion of Whitbread's previously announced review of its restaurant business. "We are now a leaner more focused group, concentrating our management and capital on those businesses where we have owned brands with leading positions and strong growth prospects," says Whitbread chief executive Alan Parker.
With regard to the ABN-Carlson JV, ABN AMRO Capital will own 60% of the JV and Carlson Restaurants Worldwide will own the remaining 40%. The portfolio makes the UK Carlson's second largest restaurant market behind the US.
In total, Carlson Restaurants owns, operates and franchises more than 980 restaurants in 58 countries. Approximately 700 of the restaurants are located in the US. Its brands include TGI Friday's, Friday's Front Row Sports Grill, Friday's American Bar and Pick Up Stix. Carlson Restaurants is owned by Carlson, a Minneapolis-based travel and hospitality company.
Netherlands-based ABN AMRO is an international bank with approximately 4,500 branches in countries and 110,000 full-time staff equivalents worldwide. The company is listed on Euronext and the New York Stock Exchange.
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