Pesto sells Liverpool One restaurant to TGI Fridays

NORTH West leisure group Pesto Restaurants has sold its Liverpool One venue to national chain TGI Friday’s for an undisclosed seven figure sum.

The vendor, advised by Manchester-based specialist leisure and hotel practice Jenics, decided to sell after an unsolicited approach from the national operator.

Jenics said the 5,785 sq ft unit on the Restaurant Terrace at Liverpool One had been trading successfully for Pesto until the offer was made.

The restaurant will be completely refurbished and reopened as a TGI venue later this year.

Jenics said while the seven figure premium was undisclosed, it is believed to be the highest paid in the North West of England and possibly for any restaurant unit outside London.

Jeremy Collins, director of Jenics said: “The offer was so substantial that it
was difficult to reject and the proceeds will enable Pesto to reinvest in the roll out of its Pesto in the Pub’ concept, which is going from strength to strength across the North West and Midlands.”

Last year Jenics advised on the sale of Pesto’s site on the corner of Deansgate and John Dalton Street after an approach by upmarket burger concept Byron.

CBRE acted for TGI Friday’s, which has over 60 restaurants across the country.