Hostmore PLC (GB:MORE) has released an update.
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Hostmore PLC has ceased its acquisition of TGI Fridays due to a termination event affecting TGI Fridays’ control over its royalty stream, undermining the acquisition’s appeal. Additionally, the sale of Hostmore’s corporate stores is progressing, but with offers lower than the stores’ secured borrowing value, implying that Hostmore PLC may not recover significant value upon sale. As a result, the company is expected to be wound up and delisted following the sale, while continuing to explore other strategic options despite a year-to-date sales decline.
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