A MAJOR British restaurant chain with 87 locations that has fallen into administration is said to be close to being rescued in a rescue deal.
After teetering on the brink of losing all its UK sites for good, TGI Fridays could be protected by a deal being negotiated this weekend.
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TGI Fridays could be saved with a rescue deal finalized this weekend Credit: Alamy
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Fans of American-style restaurants will be excitedCredit: TGI
The deal would save more than 2,000 jobs, Sky News reported, as buyers Breal Capital and Calveton could secure the majority of TGI Fridays outlets by tomorrow.
The company co-owns a restaurant called D&D London which specializes in fine dining.
Insiders said the rescue deal could involve up to 55 of the chain’s 87 locations and at least 2,000 of its workforce.
However, this would still leave around 1,000 jobs lost.
It comes after TGI Fridays fell into administration earlier this year with 87 stores put up for sale.
Hostmore, which owns TGI in this country, was trying to sell the franchise so it could continue to operate under new ownership.
The hospitality company said it had appointed joint administrators from Tene and planned to sell all of its 87 UK sites to new owners by the end of September.
However, it announced last month that it did not expect to “recover any significant value” from the sale of the websites.
This would mean that he would earn less from the sale than he owes to creditors and banks.
It saw Hostmore walk away from a £177m deal.
TGI Fridays customers confused as location abruptly closes for good – saw note on door and beer being loaded into truck
News of the collapse caused shares of the London-listed company to drop by more than 90 percent.
After first opening in Birmingham, TGI Fridays quickly expanded across the country with its popular American bistro-style casual dining format.
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.
In the early 1990s, the Covent Garden branch of TGI Friday’s was the busiest restaurant in Europe.
The chain was bought by a private equity firm 10 years ago, with a rebrand removing all punctuation from the restaurant’s name to become TGI Fridays.
In 2021, the company was spun off into Hostmore, a listed company, and the restaurants were briefly renamed just “Friday’s” before marketing chiefs discovered customers were still calling it “TGI’s” and reverted to the original name.
The restaurant chain’s fortunes have faded of late, with Hostmore revealing that UK sales have fallen by more than a tenth this year, compared to last year.
Now Hostmore is in the process of selling its UK restaurants to new owners, with the aim of becoming a fully franchised model.
TGI Fridays’ largest market is in the US, where it has 128 restaurants, including franchise sites, and operates more than 270 in countries around the world.
TGI Fridays UK locations
- Aberdeen Beach
- Aberdeen Union Square
- Ashton-under-Lyne
- Barnsley
- Basildon
- Birmingham
- Birmingham NEC
- Blue water
- Bolton
- Bournemouth
- Bracknell
- Braehead
- Braintree
- Marina Brighton
- Cabot Circus
- Cardiff Newport Road
- Cardiff St David’s
- Castleford
- Cheadle
- Chelmsford
- Cheltenham
- Cheshire Oaks
- Coventry
- Crawley
- Cribbs Causeway
- Croydon
- Derby
- Doncaster
- Durham
- Edinburgh
- Enfield
- Fareham
- Kinnaird Castle
- Gateshead
- Glasgow Buchanan Street
- Fort Glasgow
- Gloucester Quays
- Halifax
- High Wycombe
- Jersey
- Lakeside Quay
- Lakeside Retail Park
- Leeds Junction 27
- Leeds Wellington Bridge Street
- The White Rose of Leeds
- Leicester
- Lincoln
- Liverpool one
- Liverpool Speke
- London Leicester Square
- London Stratford City
- London O2
- Manchester Royal Exchange
- Meadowhall
- Gateshead Metro Centre
- Milton Keynes
- Milton Keynes Stadium
- Newcastle Eldon Square
- Newport Friars Walk
- Northampton
- Norwich
- Nottingham
- Prestwich
- Reading
- Romford
- Rushden Lakes
- Sale
- Sheffield
- Silverburn
- Solihull
- Southampton Retail Park
- Stains
- Stevenage
- Teesside
- Telford
- Trafford Centre
- Trinity Leeds
- Walsall
- Watford Central
- Watford North
- Wembley
- West Quay
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TGI Fridays has 87 UK sites Credit: Rex
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Source: HIS Education