Sept 18 (Askume) – Britain’s Hostmore (MOREH.L) said on Wednesday it will apply for bankruptcy protection as the troubled restaurant operator struggles with rising debt.
The company also said trading in its common stock would be suspended. Hostmore shares have been listed on the London Stock Exchange since 2021.
The company, the biggest franchisee of TGI Fridays in the UK, said the administration proceedings would not directly affect its “Thursdays” unit, which operates the restaurant chain.
Hostmore has struggled with its loss-making TGI Fridays stores, and losses at retail stores have forced it to open new stores, make management changes, sell stores and implement deep cost cuts.
The company said Wednesday that it still expects to complete the sale of the retail stores by the end of September.
Hostmore last week abandoned plans to acquire TGI Fridays and said it expected the company to be “liquidated” and delisted after the sale of its retail stores was completed, sending its shares tumbling more than 90%.
