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Whitbread Selling 45 TGI Friday's in UK

DUNSTABLE, BEDFORDSHIRE-The locally based company agrees to sell 30 stores to a JV of Carlson Restaurants Worldwide of Dallas and ABN AMRO Capital of London, and the remaining 15 to British Land.

By Brian K. Miller | Updated on January 17, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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