Shaping a new future

February 2021

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Electra investment overview

Fridays strategy & operations

The Fridays team

Experienced management team that has transformed the business whilst navigating the COVID-19 crisis

Dan Staples

University, for his services to hospitality

Joined Fridays in December 2019
Previously Marketing Director UK at Ladbrokes
Experienced Brand, Digital & E-commerce expert for both Agency and Clients including Betfair, WiggleCRC and Checkatrade

Suzanne Peacock

Chief Operating Officer

Joined Fridays in December 2019
Was initial People Director moving to COO in September 2020
Previously Group Talent & Development Director for Merlin Entertainments
Has broad experience within multiple sectors from Manufacturing, FMCG, Leisure and Hospitality

Erica Livermore

Chief Technology Officer

Joined Fridays in May 2020
Previously CXI Director at Virgin Active UK
A law graduate with a passion for technology delivering large-scale transformation projects on Cloud Technology, IT Infrastructure, Automation and AI, Consumer Facing UI and UX

Presenting today

Fridays – shaping a new future

Implementation of a series of strategic initiatives led to outperformance of the market in 2020 and positioning the business to capture maximum upside post pandemic

Arraying the casual branded dining sector

Eating Out Market Map : Branded Casual Dining, Fast Casual, Food-to-go and QSR (selected brands only)

Fridays being taken to the next level

New relevance to customers, with food and drink offerings that are attractive for our key demographics and enable greater wallet share

Extending the full Fridays experience across a number of different channels

New initiatives based on extensive consumer research conducted by Oystercatchers

Rewards

Loyalty programme for customers through the Fridays App, which provides loyalty rewards, exclusive offers and birthday offers

Current portfolio site matrix – evolving to a more city centre focus

Diversity in site locations and geography

Significant opportunity to roll out 63rd+1st concept in city centres and high streets

63rd+1st – returning to our bar heritage

A city-based cocktail bar — delivering the personality of Fridays, with more emphasis on cocktails and quality food ingredients

The offering and inspiration

The name is inspired by the site of the first Fridays in New York where two roads met: 63rd Street and 1st Avenue
A new cocktail bar proposition, offering a huge selection of cocktails, spirits, beers and wine
Open all day from 9am serving light breakfast, coffee, through to lunch and dinner
The offering targets affluent young professionals and university students with a little more sophisticated tone than the Fridays restaurants, but still grounded on American heritage
63rd+1st serves a full menu of a sharing plates concept as an appetiser, a wide selection of salads, 28 day aged steaks and seafood, with potential to explore home delivery as the number of sites grows
Target destinations are university towns and secondary affluent cities
- Secured sites: Cobham, Glasgow, Harrogate and Cambridge¹
- Target destinations: Edinburgh² , Oxford, Durham, Bath
Investment presents attractive entry costs

Notes: 1. Heads of terms agreed 2. Site identified

Relevance in a changing society

Regular monitoring to ensure products are sourced in a sustainable way to safeguard natural resources, communities and the environment
All suppliers are required to be members of the Suppler Ethical Data Exchange (SEDEX), which is a collaborative platform for companies to share ethical supply chain data (including audit inspections)

Sustainable base ingredients

Fridays is committed to the use of certified palm oil that will stop deforestation
Suppliers are required to source 100% RSPO (Roundtable on Sustainable Palm Oil) certified products
Suppliers must also comply with Fridays' sustainable soy policy

Local sourcing

Recently replaced international beef suppliers with Scottish Quality Assured Beef and British Beef
Focused on quality, provenance and supporting UK producers
Partner with Better Chicken Commitment, which is a leader in welfare standards in the UK

Sustainable nutrition

Committed to sourcing 100% of eggs from cage free hens by the end of 2025 and all eggs must be produced to the UK Lion Mark
Suppliers are required to source from sustainable fisheries, which are independently approved by universally recognised certification bodies

Sustainability is at the heart of Fridays' future

Focus on nutritional value

1	High regulatory standards	 Developed a policy, using the National Food Strategy, the Childhood Obesity Strategy and Public Health England's sugar reduction programme, to guide the menu  The menu development takes account of other Government initiatives such as 5-a-day, 8 tips for healthy eating and the Eatwell Plate, and Reference Intakes (RI)
2	Focused menu engineering	 Currently working on a plan to include nutritional labelling, which will be mandated in 2022, on the menu  Introducing calorie content on menus by 2022  Invested significantly in rape seed oil at margin to reduce saturated fats by c.28%  Increasingly using oven cooking, baking, and grilling methodologies on meat products and have successfully managed to preserve taste quality  Reducing saturated fat, salt and sugar content and incorporating Vitamin D in menu / dish composition going forward
3	Children menu realignment	 Re-aligned the children menu in order to create a more balanced and nutritious food offering  Currently reviewing the menu to give a wider and healthier choice to young diners