TGI Fridays may shut as much as 20 UK eating places with a whole lot of jobs in danger
TGI Fridays is reportedly preparing to close between 15 and 20 of its 49 UK restaurants as part of a sale deal, with hundreds of job cuts expected, though the company says no final decisions have been made
During these challenging times for the UK high street, reports have emerged that a beloved restaurant chain operating 49 branches nationwide could slash its network by as many as 20 locations.
TGI Fridays, which opened its inaugural UK outlet in the late 1980s, is currently being readied for sale under a fresh agreement expected to conclude this week. However, the arrangement would see between 15 and 20 of the chain’s eateries shuttered, leading to hundreds of redundancies.
A TGI Fridays spokesperson informed The Caterer: “TGI Friday UK is still assessing all options for the future of the business. No decisions have been made yet and locations continue to operate as usual.”
Liberty Bar and Restaurant Group filed two notices of intention to appoint administrators within a fortnight (8 December and 19 December), both forming part of Sugarload TGI Management, reports the Express.
The management group, which assumed control of TGI Fridays two months prior, purchased the brand from investors Calveton UK and Breel Capital in October, merely a year after the brand was previously rescued from administration for £9.55 million.
During the initial filing, Phil Broad, president of TGI Fridays International Franchising, stated: “The directors of TGI Fridays UK can confirm that a notice of intent to appoint administrators was filed with the court.
“This step brings the new owners, who assumed control last month, closer to securing and strengthening the long-term future of TGI Fridays in the UK.
“The priority is to protect TGI Fridays employees and its restaurants, we want to express gratitude to all stakeholders for their patience during this process.”
The first TGI Fridays restaurant launched in Manhattan in 1965, and today the chain has grown to over 380 branches in more than 35 countries worldwide.
Famous for its wide-ranging menu, which includes everything from loaded potato skins to ribs and steaks, the American diner rapidly gained popularity across the UK following its first restaurant opening, expanding throughout the country.
Sugarloaf TGIF Management / TGI Fridays have been contacted for a comment.
