Transaction Completes Fridays International Refranchising Initiative, Further Expands Chinese Presence
Kuala Lumpur, Malaysia and Carrollton, Texas (RestaurantNews.com) Chaswood Resources Group (“Chaswood”), a long-established TGI Fridays franchisee, announced that it has completed the acquisition of an additional six TGI Fridays restaurants in Beijing and Shanghai (“Acquisition”) on April 20, 2015. Chaswood currently operates 20 TGI Fridays restaurants in Malaysia, Indonesia and Singapore.
As part of the Acquisition, Chaswood has committed to the development of 10 new TGI Fridays restaurants in Shanghai and Beijing, in addition to the 4 new restaurants it has previously agreed to develop in Shenzhen. Chaswood is also committed to invest in the existing Beijing restaurants, updating their image to the latest TGI Fridays design, which was piloted at the very successful first Fridays in Shanghai.
“We are thrilled to increase our investment in TGI Fridays by bringing these key locations to the Chaswood family,” said Andrew Reddy, Managing Director of Chaswood Resources Group. “We truly believe in the direction TGI Fridays is going as we take the necessary steps to capitalize on the tremendous appetite we see for TGI Fridays in the market. Over the years, we have established deep roots in Southeast Asia and look forward expanding our presence to China through this acquisition and the new TGI Fridays locations we will be adding.”
“TGI Fridays is very pleased by the sale of the current restaurants in Beijing and Shanghai to Chaswood. They are a longstanding partner of ours in the Southeast Asia region and have a deep knowledge and understanding of the TGI Fridays brand,” said Ian Saunders, president and chief operating officer, TGI Fridays International. “China is a key market for TGI Fridays, and we look forward to partnering with additional franchisees in other territories to build on the exciting opportunities this market presents.”
Chaswood Resources Group
Chaswood Resources Group is one of the leading casual dining operators in Malaysia with presence in Singapore, Indonesia and China. Chaswood operates a total of 10 brands, including 4 international franchise and licensed restaurant chains. It is currently listed on Catalist Board of the Singapore Exchange Securities. For additional information, please visit www.chaswood.com.my.
About TGI Fridays
As the original casual dining bar and grill, TGI Fridays offers authentic American food and legendary drinks, served with genuine personal service. Bringing people together to socialize and celebrate the freeing and liberating spirit of “Friday” was the concept’s founding premise, from which the brand promise “In Here, It’s Always Friday®” was born. To share that social Fridays experience all over the world, TGI Fridays proudly serves guests with over 900 restaurants in nearly 60 countries. For more information, visit www.fridays.com or follow us on Twitter at @TGIFridays.