to be a success by Mr. Leonard Gibbons, the auctioneer.

He said the contents of the restaurant raised more than $100,000, considerably higher than the figure estimated by one of the restaurant's creditors last week.

Gosling Brothers owns The Shutters Building, as well as the restaurant's contents, which included tables, chairs, bars, walk in freezers, and stoves.

"The sale of the 661 lots probably achieved a Bermuda record,'' said Mr.

Gibbons.

"We had to move the 200 people, who attended the auction, to nine separate locations in the building, but managed to sell 150 lots an hour,'' he added.

The seasonal upgrading and renovation of local restaurants may have been one impetus for the strong attendance by local restauranteurs, said Mr. Gibbons.

One of the shareholders in The Shutters Restaurant, Mr. John Roach, refused to comment on the auction.

A spokeswoman for TGI Fridays Inc., headquartered in Texas, said the corporation had signed a letter of intent with a party in Bermuda which is looking for a suitable location for TGI Fridays in Bermuda.

However, Mr. Roach, who had, in September, expressed interest in introducing the TGI Fridays concept into Bermuda said he "was not in any communication with TGI Fridays''.