Transaction Completes Fridays International Refranchising Initiative, Further Expands Chinese Presence
Chaswood Resources Group, a long-established TGI Fridays franchisee, has completed the acquisition of an additional six TGI Fridays restaurants in Beijing and Shanghai 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.”