A prominent hospitality location in Glasgow city centre has come on to the market, following the collapse of a major industry player.
The lease for the former 63rd + 1st bar and restaurant on Bothwell Street has reverted to the landlord after Hostmore, the holding company behind the TGI Fridays chain, fell into administration last month.
It is now being marketed by CDLH, the Glasgow-based property agent. CDLH posted on LinkedIn: “Following the unfortunate administration of Hostmore PLC and their subsidiary companies, the Former 63rd + 1st licensed premises in Glasgow city centre has now reverted to the landlord. CDLH are delighted to have been instructed by the landlord to secure a new tenant.
“The premises, which extend to 7,300 square feet over ground and basement, provide a first class fully fitted licensed premises, with full commercial kitchen. The premises have been fitted to a very high standard throughout and are in a walk-in condition.
“The location is excellent being in the core licensed circuit of the city centre and close to main transport hubs including the nearby Glasgow Central station.”
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CDLH said it has put the unit on the market at nil premium and rental offers in the region of £100,000 per annum.
Hostmore, which ran around 90 TGI Fridays outlets across the UK, cited a “highly challenging trading and macroeconomic backdrop” and an unsuccessful attempt to acquire TGI Fridays in the US, when it announced that it appointed administrators in September.
It came days after the company had walked away from the US deal and said efforts to find a buyer for its stores in the UK, a move which had been designed to raise cash and move to a capital-light model, would be “unlikely… to recover any meaningful value for the group”.
Hostmore had previously closed the doors the last of its 63rd + 1st outlets in Glasgow in June. Three other New York-inspired 63rd + 1st outlets in Cobham, Harrogate, and Edinburgh were previously closed by the loss-making company as it grappled weaker consumer spending.
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