TGI Fridays: Restaurant chain shuts 16 restaurants as part of administration buy-out - full list of closed venues
A national restaurant chain has closed 16 branches - with the loss of 456 jobs - after falling into administration.
But TGI Fridays says it will keep most of its sites open after securing a rescue deal to continue trading.
Liberty Bar and Restaurant Group, the company running TGI Fridays’ UK restaurants, hired administrators from Interpath Advisory on Tuesday. Immediately, the business and its assets were sold to a subsidiary company of Sugarloaf, the firm behind the global TGI Friday brand.
Sugarloaf had two months earlier bought the UK business from private equity firm Calveton UK and Breal Capital. Administrators confirmed the pre-pack administration deal would safeguard 33 restaurants and transfer 1,384 workers to the new vehicle.
However, 16 TGI Fridays sites were not included and immediately shut for good. The company confirmed the move resulted in 456 redundancies for staff across the restaurants.
Phil Broad, global president of TGI Fridays, said: “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.
“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.”