Document:

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EXHIBITS

Exhibit 10.27

ELEPHANT & CASTLE
1201 PENNSYLVANIA AVENUE, WASHINGTON
<Table>

<S>                             <C>
COMPANY:                        E&C Capital LLC
GUARANTOR:                      Elephant & Castle Inc.
LOCATION:                       1201 Pennsylvania Avenue, Washington, D.C.
LANDLORD:                       D.C. One Associates
                                1201 Pennsylvania Avenue, NW, Suite 240, Washington, DC 20004

                                ----------------------------       ------------------
Lease Signature Date:                    Jun 01, 2004
Lease Commence Date:                     Nov 01, 2004
Lease Expiration Date:                   Oct 31, 2014

Original Lease Term:                         10 years
Number of Renewal Options:                1 x 5 years
Next Date of Exercise:          180 Days Before Expiration of Term                   (April 01, 2014)
Number of Renewal Years              5 years per term

Total Square Footage:                           7,000
Seating:                                          258

Annual Minimum Rent:                   Years 1 to 5                       Years 6 to 10
                                      $29.00 p/sq.ft.                    $32.35 p/sq.ft.

Percentage Rent:                 4% above natural break

Landlord Allowance:             None
Utilities:                      Tenant
Real Estate Taxes:              Approx. $3.73 per square foot
Operating Expenses:             Approx. $5.15 per square foot
                                E&C Capital
Lessee:                         LLC
Guarantor:                      Elephant & Castle Group Inc.
Condition:                      As is

Hours of Operation:             Monday - Friday        11:00 AM - 9:00 PM             (minimum)

Loans:                          None
Other:
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<S>                             <C>
Exhibit 10.28
                            Radisson Hotel and Suites
                           150--160 East Huron Street
                             Chicago, Illinois 60611
                                (the "Building")

Execution Date:          January 11, 2005

Tenant:                  Elephant & Castle East Huron, LLC
                         Suite 1200, 1190 Hornby Street
                         Vancouver, British Columbia
                         V6Z 2K5 Canada
                         Attn:  Rick Bryant

Landlord:                CapStar Chicago Company, L.L.C.
                         c/o Meristar Hospitality Corporation
                         4501 North Fairfax Drive, Suite 500
                         Arlington, VA 22203
                         Attn:  Randall Wm. Carroll

Building:                The building known as 150 East Huron Street, in the City
                         of Chicago, Illinois known as Radisson Hotel and Suites,
                         on real estate described in Exhibit 3, attached hereto.
</Table>

<Table>

<S>               <C>                                    <C>
Art. 2            Premises:                              An area on the ground floor of the Building, substantially as shown
                                                         on Lease Plan, Exhibit 2.

Art. 3.1          Term Commencement Date:                The date Tenant has received possession of the premises.

                  Scheduled Re-Opening Date:             February 26, 2005

                  Required Re-Opening Date:              April 8, 2005; provided, however, that, unless caused by Tenant,
                                                         such date shall be extended by the number of days equal to the
                                                         number of days Tenant's Work is delayed directly as a result of
                                                         civil disorder, failure of power, casualty, riots, insurrections,
                                                         war or acts of God.

Art. 3.2          Termination Date:                      December 31, 2014, subject to Paragraphs 5 and 6 of the Rider to
                                                         the Lease

Art. 5            Use of Premises:                       (i) Casual dining restaurant providing breakfast (both sit-down
                                                         menu service and buffet) and sit-down lunch and dinner food and
                                                         beverage service and (ii) bar service

                  Tenant's Trade Name:                   "Elephant and Castle."

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<S>               <C>                                    <C>
                  Minimum Hours of                       Sunday through Thursday: 6:30 a.m. to 11:59 p.m.
                  Operation:                             Friday and Saturday:  6:30 a.m. to 1:00 a.m.; provided that Tenant
                                                         shall have the right to stay open later to the extent permitted by
                                                         law.

Art. 6              Rent:
</Table>

<Table>
<Caption>

             MINIMUM RENT YEAR                            MINIMUM RENT                       MONTHLY RENT
             -----------------                            ------------                       ------------
<S>                                                        <C>                                <C>
                     1                                                                          $15,333
   (from Term Commencement Date through                     $184,0001
                 12-31-05
                  2                                          $202,000                           $16,834
                  3                                          $208,000                           $17,334
                  4                                          $214,000                           $17,834
                  5                                          $221,000                           $18,417
                  6                                          $228,000                           $19,000
                  7                                          $235,000                           $19,585
                  8                                          $242,000                           $20,167
                  9                                          $249,000                           $20,750
                 10                                          $256,000                           $21,333

           PERCENTAGE RENT

           Percentage:  6
</Table>

<Table>
<Caption>

            MINIMUM RENT YEAR                 YEARLY PERCENTAGE RENT BASE         QUARTERLY PERCENTAGE BASE RENT
            -----------------                 ---------------------------         ------------------------------
<S>                                                      <C>                                <C>
                  1                                                                            $839,948.00
(from Term Commencement Date through                     $3,359,792
                 12-31-05)
                  2                                      $3,460,585                            $865,146.25
                  3                                      $3,564,403                            $891,100.75
                  4                                      $3,671,335                            $917,833.75
                  5                                      $3,781,475                            $945,368.75
                  6                                      $3,894,919                            $973,729.75
                  7                                      $4,011,767                         $1,002,941.75
                  8                                      $4,132,120                         $1,033,030.00
                  9                                      $4,256,084                         $1,064,021.00
                 10                                      $4,383,767                         $1,095,947.75

Art. 7           Total Rentable Area                     5,000 square feet

Art. 29.3        Broker:                                 None
</Table>

----------------
1  Subject to Article 6.1 of the LeaseQuickLinks
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Exhibit 10.33    
    

         

  

 
 

AMENDMENT NO. 1 TO LOAN DOCUMENTS    
    

        This Amendment No. 1 (the "Amendment") dated as of February 7, 2005, is between Bank of America, N.A. ("Lender") and Thomas Group, Inc.
("Borrower"). 

RECITALS

        A.
Borrower has executed various documents concerning credit extended by the Lender, including, without limitation, the following documents (the "Loan Documents"): 

        1.     A
certain Subordination Agreement dated as of July 21, 2004 (together with any previous amendments, the "Subordination Agreement"). 

        B.
Lender and Borrower desire to amend the Loan Documents. 

AGREEMENT  

        1.     Definitions. Capitalized terms used but not defined in this Amendment shall have the meaning given to them in the Loan
Documents. 

        2.     Amendments to Subordination Agreement. The Subordination Agreement is hereby amended as follows: 

        (a)   The
last two sentences of the paragraph under the heading,"PAYMENTS TO CREDITOR," are amended in their entirety to read as follows: 

"Notwithstanding
the foregoing, borrower may make regularly scheduled payments of principal of $100,000.00 each Month to Creditor so long as Borrower is not in default under any agreement between
Lender and Borrower. Creditor may not accelerate, and Borrower may not prepay, any amounts owed to Creditor without Lender's prior consent." 

        3.     Representations and Warranties. When Borrower signs this Amendment, Borrower represents and warrants to Lender that:
(a) there is no event which is, or with notice or lapse of time or both would be, a default under the Loan Documents except those events, if any, that have been disclosed in writing to Lender
or waived in writing by Lender, (b) the representations and warranties in the Loan Documents are true as of the date of this Amendment as if made on the date of this Amendment, (c) this
Amendment does not conflict with any law, agreement, or obligation by which Borrower is bound. 

        4.     Effect of Amendment. Except as provided in this Amendment, all of the terms and conditions of the Loan Documents shall
remain in full force and effect. 

        5.     Counterparts. This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original,
but all such counterparts together shall constitute but one and the same instrument. 

1

 

        6.     FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS DOCUMENT REPRESENTS THE
FINAL AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS
RELATING TO THE SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE CONTRARY, (C) THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES, AND (D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE
PARTIES.

        7.     THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

        This
Amendment is executed as of the date stated at the beginning of this Amendment. 

	

Borrower:	
 	

Lender:
	

Thomas Group, Inc.	
 	

Bank of America, N.A.
	

By /s/ James T. Taylor
 James T. Taylor, CEO/President	
 	

By /s/ Tim Leach
 Tim Leach, Senior Vice President
	

Creditor:	
 	

 
	

 	
 	

 
	

 	
 	

 
	By /s/ John T. Chain, Jr.
 John T. Chain, Jr., Individually	 	 

2

QuickLinks

Exhibit 10.33

AMENDMENT NO. 1 TO LOAN DOCUMENTS

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