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Electra Private Equity proposes asset sell-off, wind-down of company

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(Reuters) – Electra Private Equity <ELTA.L>, the firm which owns TGI Fridays, is to consult investors on a sell-off of the restaurant chain as part of a broader plan to wind up the company and return investor cash amid challenging trading conditions.

Electra, which also owns footwear brand Hotter Shoes, said the decision followed a lengthy strategic review that had already led to the sale of its non-controlling interests in PhotoBox and Knight Square in deals more than 100 percent above March 31 adjusted net asset value.

“The Board has therefore concluded, and recommends, that it is in the best interests of shareholders to conduct a managed wind-down of the portfolio over a period of time, allowing optimisation of returns, the return of cash to shareholders, and ultimately the winding up of the Company,” Electra said in a statement.

“The Board considers that each of the remaining corporate investments represents an opportunity for value creation within an acceptable timeframe,” it added.

(Reporting By Sinead Cruise, editing by Huw Jones)

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