TGI Fridays close to takeover which could save more than 2,000 jobs - but a third of the chains sites could still shut permanently
TGI Fridays is on the brink of receiving a lifeline which would prevent more than 2,000 job losses - but a third of the chains sites could still be forced to close permanently.
TGI Fridays is on the brink of receiving a lifeline which would prevent more than 2,000 job losses - but a third of the chains sites could still be forced to close permanently.
A rescue deal is on the horizon and is set to be finalised this week after the fast food giants UK operator stumbled upon hard times falling into administration last month.
Breal Capital and Calveton, which jointly own the upmarket restaurants business D&D London, could agree a deal to acquire the majority of TGI Fridays as early as Monday, according to Sky News.
An announcement is likely to be made once the transaction is completed.
TGI Fridays is on the brink of receiving a lifeline which would prevent more than 2,000 job losses - but a third of the chains sites could still be forced to close permanently
Sources said this weekend that a deal was expected to include between 50 and 55 of the chains 87 sites and at least 2,000 of its more than 3,000-strong workforce.
Final details were still being decided upon between the buyers and the administrators to the business, the sources added.
If completed the deal would save most of the jobs at TGI Fridays but up to 1,000 staff members could still find themselves unemployed.
Hostmore, the parent company, said last month that it was filing for administration but that this would have no impact on Thursdays, the trading subsidiary which owns the TGI Fridays UK franchise.
But afterwards the operating business itself filed a notice of intention to appoint administrators.
Hostmores board said the reason for its collapse was a very challenging set of circumstances .
Breal and Calveton acquired D&D London - owner of the German Gymnasium and Quaglinos restaurants - last year.
The potential deal is thought to include the chains existing leases and the right to use the TGI Fridays brand in the UK.
TGI Fridays fans were devastated and mourned the end of an era when it was announced the outlet had fallen into administration.
Fond tributes to the chain were shared on social media after the revelation its UK operator was rushing to sell all its 87 resturants across the country.
One keen customer posted this afternoon on X, formerly Twitter, in response to the announcement: Damn, could be the end of an era.
A separate poster told of feeling ‘personally devastated about the TGI Friday news, describing their personal fave as an outlet in Croydon, south London.
Another wrote: If TGI Fridays closes down and I don’t get to eat the sesame chicken again I’m not sure I’ll recover.
Other comments included This country better save TGI Fridays or I’ll have a meltdown as well as: What do you mean TGI Fridays is in administration??? They better not close any stores. The sesame chicken is my comfort meal.
A rescue deal is on the horizon and is set to be finalised this week after the fast food giants UK operator stumbled upon hard times and fell into administration last month
Many people also shared happy reminiscences about dining in a TGI Friday outlet, such as: Awww I used to love TGI Fridays when it first opened in London. Sadly expansion took it down the generic route and we stopped going.
Others were more critical, including one comment saying: Im just surprised its taken this long.
TGI Fridays was hugely popular around the turn of the millennium but quickly got left behind in the last 15 years as eating out has become more and more popular.
Another post stated: Awful news for the staff employed at TGI Fridays. Not a chain I have frequented much in recent years after too many poor meals and service even after giving it several extra chances.
An X user also wrote: Tbh [To be honest], didnt know TGI Fridays were still going.
