Feastary Hospitality, a mid-sized hospitality company, has secured the master franchise rights for the global casual dining chain TGI Fridays in͏͏ North͏͏ India.͏͏ This͏͏ move͏͏ aims͏͏ to͏͏ rejuvenate͏͏ the͏͏ US͏͏ chain,͏͏ which͏͏ closed͏͏ all͏͏ 20͏͏ of͏͏ its͏͏ stores͏͏ in͏͏ India͏͏ two͏͏ years͏͏ ago.͏͏ The͏͏ acquisition͏͏ aligns͏͏ with͏͏ the͏͏ trend͏͏ of͏͏ global͏͏ dining͏͏ chains͏͏ seeking͏͏ opportunities͏͏ in͏͏ India,͏͏ driven͏͏ by͏͏ growing͏͏ market͏͏ potential͏͏ and͏͏ increased͏͏ investor͏͏ interest͏͏ in͏͏ diverse͏͏ cuisines.
Feastary͏͏ Hospitality,͏͏ which͏͏ manages͏͏ nearly͏͏ 50͏͏ quick͏͏ service͏͏ restaurant͏͏ outlets͏͏ under͏͏ its͏͏ brands͏͏ like͏͏ House͏͏ of͏͏ Kebab͏͏ (HOK),͏͏ Matki,͏͏ The͏͏ South͏͏ Pantry,͏͏ and͏͏ Brew͏͏ &͏͏ Bean͏͏ Co,͏͏ has͏͏ acquired͏͏ the͏͏ TGI͏͏ Fridays͏͏ franchise͏͏ rights͏͏ in͏͏ India͏͏ from͏͏ Singapore-based͏͏ Universal͏͏ Success͏͏ Enterprises,͏͏ the͏͏ owner͏͏ of͏͏ TGI͏͏ Fridays͏͏ in͏͏ South͏͏ Asia.
INR͏͏ 50͏͏ Crore͏͏ Investment͏͏ for͏͏ Revival:
Suraj͏͏ Mahant,͏͏ managing͏͏ partner͏͏ of͏͏ Feastary͏͏ Hospitality,͏͏ stated͏͏ that͏͏ INR͏͏ 50͏͏ crore͏͏ is͏͏ being͏͏ invested͏͏ in͏͏ the͏͏ first͏͏ phase͏͏ to͏͏ revive͏͏ TGI͏͏ Fridays͏͏ in͏͏ India.͏͏ He͏͏ mentioned͏͏ that͏͏ the͏͏ first͏͏ outlet͏͏ is͏͏ expected͏͏ to͏͏ reopen͏͏ next͏͏ quarter͏͏ in͏͏ the͏͏ Delhi-NCR͏͏ region.
Continue͏͏ Exploring:͏͏ TGI Fridays enters͏͏ merger͏͏ agreement͏͏ with͏͏ UK͏͏ franchisee͏͏ Hostmore͏͏ in͏͏ $220͏͏ Million͏͏ deal
15͏͏ Outlets͏͏ to͏͏ Be͏͏ Revived͏͏ Across͏͏ Nine͏͏ States:
“The͏͏ brand͏͏ (TGI͏͏ Fridays)͏͏ holds͏͏ significant͏͏ potential͏͏ and͏͏ value,͏͏ and͏͏ we͏͏ will͏͏ revamp͏͏ and͏͏ relaunch͏͏ it,”͏͏ Mahant͏͏ said.͏͏ Feastary͏͏ Hospitality͏͏ has͏͏ acquired͏͏ TGI͏͏ Fridays͏͏ outlets͏͏ in͏͏ nine͏͏ states͏͏ and͏͏ plans͏͏ to͏͏ revive͏͏ 15͏͏ of͏͏ these͏͏ locations.
TGI͏͏ Fridays͏͏ was͏͏ previously͏͏ operated͏͏ in͏͏ India͏͏ by͏͏ the͏͏ homegrown͏͏ Bistro͏͏ Hospitality͏͏ until͏͏ 2019,͏͏ when͏͏ it͏͏ sold͏͏ its͏͏ stake͏͏ to͏͏ the͏͏ Singapore-based͏͏ hospitality͏͏ and͏͏ real͏͏ estate͏͏ group͏͏ Universal͏͏ Success͏͏ Enterprises.͏͏ That͏͏ year,͏͏ the͏͏ joint͏͏ venture͏͏ partners,͏͏ Bistro͏͏ Hospitality͏͏ and͏͏ TGI͏͏ Fridays,͏͏ sold͏͏ their͏͏ respective͏͏ stakes͏͏ of͏͏ 75%͏͏ and͏͏ 25%͏͏ to͏͏ Universal͏͏ Success͏͏ Enterprises.
“Bistro͏͏ Hospitality͏͏ neither͏͏ invested͏͏ in͏͏ TGI͏͏ Fridays͏͏ nor͏͏ adapted͏͏ its͏͏ strategies͏͏ to͏͏ align͏͏ with͏͏ Indian͏͏ consumer͏͏ preferences,͏͏ which͏͏ led͏͏ to͏͏ a͏͏ loss͏͏ against͏͏ rivals,”͏͏ said͏͏ an͏͏ industry͏͏ veteran.
