VACANT units at the Waterfront will shortly be occupied again as part of a bid to breathe new life into the ailing complex, it has been confirmed.
Jersey Development Company has outlined plans for the Waterfront in the wake of this week’s news that the parent company of TGI Fridays had gone into administration, urging Islanders to use Waterfront businesses or risk losing them.
TGI Fridays has continued to trade as one of 87 restaurants across the British Isles that are now up for sale.
A spokesperson for JDC said that the TGI Fridays business was subject to a leasehold agreement, but that it was not possible to comment while the business continued trading.
Uncertainty over the Waterfront has increased in recent years, with several operators vacating units at the complex, including THE Bar, Pizza Hut, WYSIWYG, Arcadia and the Quest escape room.
The spokesperson said: “There are three vacant units on the Waterfront – THE Bar and Pizza Hut remain let to tenants who are choosing not to reopen, while the former Arcadia and WYSIWYG units are currently being refitted and JDC will be making an announcement shortly on the new use. In 2023, JDC reached an agreement to retain Cineworld at the Waterfront. However, as stated at the time, it is very much a case of use it or lose it – if usage drops below 180,000 visits per year, then Cineworld has the ability to exit without penalty.
“It was very unfortunate news this week regarding TGI Fridays. However, the local business is still operating and, as with the cinema, it is a case of use it or lose it as, in all likelihood, those operations that are busy and profitable will find a buyer and remain trading.”
JDC say that the three major operators at the Waterfront – Cineworld, Aquasplash and Fitness First – collectively attract more than half a million visits per annum.
Up for sale
Hostmore, a company set up by the private-equity owner of the restaurant chain, announced earlier this week that it had appointed administrators and was seeking to sell 87 TGI branches across England, Scotland and Wales, as well as its Jersey operation.
The news follows an unsuccessful move by Hostmore to buy the US restaurant chain for £177 million.
The proposed deal, first made public in April, would have brought a merger with US-based TGI Fridays Inc to create a larger firm that would remain listed in London, but it fell through earlier this month.
