Scottish-based Fridays owner Hostmore sees sales growth remaining appetising

Edinburgh-based hospitality group Hostmore, which owns the Fridays restaurant chain, has cheered serving more than a million diners last month, which it said came in spite of the cost-of-living crisis.

The London-listed firm, which specialises in American-themed dining and also owns fast-casual dining brand Fridays and Go and cocktail-led bar and restaurant chain 63rd+1st, said sales remain on track with expectations for the full year. It opened its fourth 63rd+1st, in the former Cafe Rouge on Edinburgh’s Frederick Street, on July 7.

Hostmore added that organic growth continues in line with its plans, while it recently extended its primary banking facilities for an additional year including an increase in the value of its revolving credit facility to £30 million from £25m.

The firm’s Aberdonian boss Robert Cook said: “More than one million customers visited our brands during June, and I am grateful to all our valued and loyal customers for their ongoing support despite the financial challenges currently faced by consumers.

“Our new 63rd+1st store on Frederick Street in Edinburgh has opened with the fanfare it deserves and we are encouraged by the feedback so far. We expect the store to trade well through the summer as Edinburgh hosts its annual Military Tattoo and International Fringe Festival.

“The new bank facility extension provides us with greater flexibility to pursue growth opportunities which we are working hard and at pace to deliver.”

Mr Cook earlier this year highlighted Scotland as being key in the significant expansion of the group’s branch network as it unveiled its preliminary annual results to January 2, 2022, with total revenues coming in at £159m, up from £129.1m in 2020, for example.