Huge meals chain in administration as 87 branches up on the market – see full listing
The UK operator of TGI Fridays has confirmed it has gone into administration today, with plans to sell restaurants being drawn up.
TGI Friday owner Hostmore said it had appointed administrators from Teneo after plans to buy the US restaurant chain had collapsed earlier this month.
This week the restaurant chain put 87 of its UK franchise restaurants up for sale in a bid to keep the brand alive. The American-inspired restaurant chain will remain open as normal while the administration process starts, reports suggest.
Hostmore, saw its share price collapse in the last week after it announced it had dropped plans to buy up outlets from the US owner for £177million.
According to reports, the deal broke down because the overall owner of TGI Fridays took back the royalty rights to the restaurant’s brand. As a result, Hostmore also no longer has access to the TGI Fridays’ brand name. Shares in the London-listed company were all but wiped out following the announcement. The share price fell by 96% since the start of this month to 22p this week.
TGI Fridays first opened in the UK in the 1980s and has been a popular destination for birthday parties and cocktail nights for the last 40 years. The first branch was opened in New York in 1965 to celebrate weekend dining – the name means ‘Thank God It’s Friday’. After first opening in Birmingham, the chain spread rapidly around the country with its popular format of casual American bistro-style dining.
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