Scramble to avoid wasting TGI Fridays as UK operator Hostmore goes bust

TGI Fridays owner Hostmore said it had appointed joint administrators from Teneo

The UK operator of TGI Fridays has gone into administration as it scrambles to sell its 87 restaurants across the country.

Hostmore said it had appointed administrators from Teneo. It hopes to sell the UK restaurants to new owners by the end of this month. 

This would keep the TGI Fridays brand alive on British high streets and save the jobs of about 4,500 staff employed across the UK. 

But it said this month it was not expecting to ‘recover any meaningful value’ from the sale, meaning it would gain less than what it owed to creditors and banks.

It is unclear whether it will secure a buyer for the entire chain, or will manage to sell only some of the outlets.

The American-inspired restaurants will be open as usual while the administration process starts.