A FAMILY favorite restaurant chain is closing 35 locations with immediate effect after falling into administration.
More than 1,000 employees will lose their jobs at TGI Fridays after a deal to save the iconic brand did not include all 86 locations.
1
Fans of the American-style restaurant chain will be relieved Credit: Alamy
An agreement was made that saves 51 restaurants and almost 2,400 jobs.
Julie McEwan, chief executive of TGI Fridays UK, said: “TGI Fridays is a much-loved brand with a rich heritage.
“Today’s news marks the beginning of a positive future for our business after a very challenging period for the casual dining sector as a whole.
“We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.”
TGI Fridays fell into administration on September 18, putting all 87 locations at risk.
When a company goes into administration, all control passes to the appointed administrator – who must be an authorized receiver.
Their goal is to use the company’s assets and operations to repay creditors.
Teneo administrators were looking for a buyer for all or part of the business.
Without a buyer, the brand could disappear from the UK high street forever, where it has been a regular sight since 1986.
The new deal was agreed today with private equity firms Breal Capital and Calveton UK, and will operate under the name Liberty Bar and Restaurant Group Limited.
TGI Fridays customers confused as location abruptly closes for good – saw note on door and beer being loaded into truck
The couple already own the upscale restaurant chain D&D London, Byron Burgers and wine bars Vinoteca.
A spokesman for the new owners said: “We are delighted to be working with such an enthusiastic and committed management team to modernize the business and capitalize on the legacy of this iconic brand.”
The Unite union said on Xu, formerly of Twitter, that it had heard from members who were “furiously contacting” hospitality organizers in response to the current closure.
He reported that staff were locked out of the restaurant, with door locks changed or without any notice of dismissal, while others were invited to a video call with members of the head office on an hour’s notice.
Which restaurants are closed forever?
More than 30 TGI restaurants were not purchased as part of the bailout deal and are closed effective immediately. They are located in
- Barnsley
- Birmingham Hagley Road
- Bracknell
- Marina Brighton
- Cabot Circus
- Cardiff Newport Road
- Cardiff St David’s
- Chelmsford
- Cheltenham
- Croydon
- Derby
- Durham
- Enfield
- Kinnaird Castle
- Gateshead
- Gloucester Quays
- Halifax
- Jersey
- Leeds Junction 27
- Leeds Wellington Bridge Street
- Leicester
- Lincoln
- Liverpool Speke
- Manchester Royal Exchange
- Newcastle Eldon Square
- Newport Friars Walk
- Northampton
- Prestwich
- Romford
- Sale
- Solihull
- Trinity Leeds
- Watford North
- West Quay
Other workers said they were not told whether they would be paid or not, according to the union.
Since its debut in Birmingham in 1986, TGI Fridays has quickly spread across the country, taking diners by storm with its casual American bistro-style experience.
The serving staff were known as Dub Dubs and taught the art of entertaining their customers with pranks, pranks and other tricks such as juggling and magic tricks, all performed with impeccable table skills and glee.
Ten years ago, the chain was bought by a private equity firm, which rebranded it by removing all punctuation, changing the name from TGI Friday’s to TGI Fridays.
In 2021, the company was spun off into Hostmore, which was a public company on the London Stock Exchange until recent administration led to its delisting.
Recently, the chain’s fortunes have declined, with Hostmore reporting that UK sales have fallen by more than 10% this year compared to last year.
TGI Fridays’ largest market is the USA, where it operates 128 restaurants, including franchise sites.
It also operates more than 270 restaurants in countries around the world.
Which restaurants were saved?
The bailout deal saved 51 of TGI’s 87 sites. They are located in:
- Aberdeen Beach
- Aberdeen Union Square
- Ashton-Under-Lyne
- Basildon
- Birmingham NEC
- Blue water
- Bolton
- Bournemouth
- Braehead
- Braintree
- Castleford
- Cheadle
- Cheshire Oaks
- Coventry
- Crawley
- Cribbs Causeway
- Doncaster
- Edinburgh
- Fareham
- Glasgow Buchanan Street
- Fort Glasgow
- High Wycombe
- Leeds Junction 27
- Lakeside
- Lakeside Quay
- Leicester Square
- Liverpool one
- Meadowhall
- Metro center
- Milton Keynes
- Milton Keynes Stadium
- Norwich
- Nottingham
- Reading
- Rushden Lakes
- Sheffield
- Silverburn
- Southampton
- St Davids
- Stains
- Stevenage
- Stoke on Trent
- London Stratford
- Teesside
- Telford
- London The O2
- Trafford Centre
- Walsall
- Watford Central
- Wembley
- The White Rose of Leeds
HOSPITALITY
The hospitality sector has struggled to recover from the pandemic, facing challenges including huge energy bills, inflation and staff shortages.
In January 2023, Byron Burger fell into administration, with the owners saying it would result in the loss of more than 200 jobs.
About 12 branches were saved in a rescue deal with Tristar Foods, which is owned by Calveton.
Restaurant Group (TRG), which owned Frankie & Benny’s, Chiquito and Wagamama, closed dozens of locations in the same year.
Then in September 2023, it sold its Frankie & Bennys and Chiquito brands to The Big Table Group, owner of Cafe Rouge.
The chain of Italian restaurants Prezzo also closed dozens of outlets last year.
In April 2024, Tasty, owners of Wildwood Italian restaurant and Dim T, a pan-Asian restaurant, announced plans to exit around 20 loss-making restaurants after a “challenging” start to the year.
In the same month, Whitbread revealed plans to downsize the chain of branded restaurants across the UK.
Pub giant Stonegate has also sparked fears about its survival as it races to pay down its debts.
Britain’s “cheesiest restaurant” collapsed in September after its parent company, Viral Ventures UK, allegedly racked up more than £400,000 in debt.
What are my rights if I am fired?
YOU are entitled to statutory severance pay if you have worked for your employer for two years or more.
The statutory rate is based on your age, weekly wages and number of years in the job.
You will get:
- Half a week’s pay for every full year you worked under the age of 22
- A week’s pay for each full year you worked at the age of 22 or over but under 41
- A week and a half’s pay for every full year you worked while you were 41 or older.
You cannot be paid less than the legal amount.
If you are made redundant on or after 6 April 2024, your weekly pay is capped at £700 and the maximum statutory redundancy pay you can receive is £21,000.
The government has a calculator on its website to help you work out how much you owe.
You can get more than this legal amount if your employer has a redundancy plan.
Categories: Optical Illusion
Source: HIS Education