The brand, which opened its first UK site in 1987, said it will keep most of its sites open after securing a rescue deal
TGI Fridays has closed 16 of its restaurants across the UK(Image: Getty)
TGI Fridays has closed 16 of its restaurants, resulting in the loss of 456 jobs, after falling into administration. Despite this, the brand has confirmed that most of its sites will remain open thanks to a rescue deal that follows a turbulent period for the business.
Liberty Bar and Restaurant Group, which operates TGI Fridays’ UK restaurants, appointed administrators from Interpath Advisory on Tuesday. The business and its assets were immediately sold to a subsidiary company of Sugarloaf, the firm behind the global TGI Friday brand.
This comes two months after Sugarloaf purchased the UK business from private equity firms Calveton UK and Breal Capital. Administrators have confirmed that the pre-pack administration deal will protect 33 restaurants and transfer 1,384 workers to the new entity.
However, 16 TGI Fridays locations were not included in the deal and have been permanently closed. As a result, 456 staff members across these restaurants have been made redundant.
Phil Broad, global president of TGI Fridays, commented: “We have been working closely to explore all available options for securing the long-term future of TGI Fridays in the UK, and believe that this is the best outcome for the business, preserves jobs, and offers a strong platform for success and growth.”
He added: “TGI Fridays has a long history in the UK, and I believe that the future of the brand is in strong hands – focused on reinvigorating the brand while continuing to deliver the bold flavours, welcoming atmosphere, and high-energy dining experience that define TGI Fridays.”
Ryan Grant, managing director at Interpath and joint administrator, said: “We are pleased to have been able to secure this transaction which will see this well-known brand continue to trade across the UK.
“While these have been difficult times for hospitality operators generally, this marks a pivotal step in TGI Fridays’ wider turnaround plan, putting in place stable foundations upon which it can begin to move forward.”
