TGI Fridays closed 16 of its UK restaurants, resulting in the loss of 456 jobs. The American-inspired casual dining chain's remaining 33 restaurants will continue to operate following a rescue deal.
Interpath was appointed as administrator to Liberty Bar and Restaurant group, which managed the operations of TGI Fridays' UK restaurants, on Tuesday. The business and assets of TGI Fridays were immediately sold to a company owned by Sugarloaf, the manager of the global TGI Fridays brand. Administrators confirmed that the deal safeguarded 1,384 jobs.
Phil Broad, TGI Fridays' Global President, stated that the company had been "working closely to explore all available options for securing the long-term future of TGI Fridays in the UK." He added that the outcome "is the best outcome for the business, preserves jobs, and offers a strong platform for success and growth."
Ryan Grant, managing director at Interpath and joint administrator, said, "We are pleased to have been able to secure this transaction which will see this well-known brand continue to trade across the UK." He acknowledged the difficulties involved in the process.
The closure reflects challenges within the UK casual dining sector, which has faced increased competition and rising operating costs in recent years. The restructuring aims to stabilize TGI Fridays' UK operations and position the remaining restaurants for future growth under Sugarloaf's management. The immediate impact on the UK market involves a reduction in TGI Fridays' physical presence and a reassessment of its business model in the region. Further details regarding the financial terms of the sale were not immediately disclosed.
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