A leading international restaurant chain operating in Barbados through Trinidad and Tobago investors is having significant financial challenges.
Six years after opening at Hastings, Christ Church amid much fanfare, T.G.I. FRiDAY’S Barbados is counting losses and declining revenues.
Barbados TODAY learnt that management of Trinidad company Prestige Holdings Limited have branded the restaurant “a considerable disappointment” and have decided to spend more money on it this year in a bid to improve its performance.
Prestige Holdings operates T.G.I here via Prestige Restaurants Limited, and Chairman Christian E. Mouttet reported that not only was its performance disappointing last year, but also in the first quarter of this year.
“The Barbados T.G.I. FRiDAY’S restaurant incurred another loss on lower sales in a very difficult economy. This restaurant has been a considerable disappointment to date and significant effort and resources are being deployed in 2013 to turn this operation around,” he told shareholders.
“During the financial year our T.G.I. FRiDAY’S Barbados sustained a decrease in revenue by six per cent over prior year and an operating loss.”
The performance of the Barbados T.G.I is the worst when compared to Trinidad, and Jamaica, the latter which “generated an improved profit over prior year” despite suffering a one per cent drop in revenue.
Even after Mouttet said more resources would be pumped into the restaurant here, he subsequently reported: “Our 2 T.G.I FRiDAY’S restaurants in Jamaica and Barbados continue to struggle in those economically depressed markets, and performed below our expectations and prior year.”
The official, who is CEO of Prestige’s ultimate parent Victor E. Mouttet Ltd based in the twin island republic, is a major and longstanding investor in Barbados, having pumped an estimated $100 million into local projects here over the past six years.
This included the Courtyard by Marriott hotel project, which officials had hoped would have helped improved T.G.I’s financial performance, Payless ShoeSource and the new mall being constructed at Welches, St. Thomas adjacent to Cost U Less. (SC)