TGI Fridays closed 16 of its UK restaurants on Tuesday, resulting in 456 job losses. The closures occurred after Interpath was appointed as administrator to the Liberty Bar and Restaurant group, which managed the operations of TGI Fridays' UK restaurants.

The business and assets of TGI Fridays were immediately sold to a company owned by Sugarloaf, the manager of the global TGI Fridays brand, in a rescue deal. This transaction safeguarded 1,384 jobs across the remaining 33 restaurants, which will continue to operate.

Ryan Grant, managing director at Interpath and joint administrator, stated, "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 difficulty of the situation.

TGI Fridays' Global President Phil Broad said the company had been "working closely to explore all available options for securing the long-term future of TGI Fridays in the UK." Broad believes the deal "is the best outcome for the business, preserves jobs, and offers a strong platform for success and growth."

The closures reflect challenges within the casual dining sector, which has faced increased competition and rising operating costs in recent years. The restructuring aims to streamline TGI Fridays' UK operations and position the remaining restaurants for future growth under Sugarloaf's management. Further details regarding the financial terms of the sale were not disclosed.