More than 1,000 employees of TGI Fridays have been made redundant following the immediate closure of 35 of its restaurants across the UK. The UK operator of TGI Fridays had entered administration last month in an effort to sell its chain of 87 restaurants.
On Monday, October 7, joint administrators at Teneo announced that Breal Capital and Calveton UK had acquired 51 of the restaurants. This acquisition means that TGI Fridays will continue to operate on UK high streets, saving nearly 2,400 jobs.
The London-listed hospitality group entered administration after plans to acquire the US TGI Fridays chain for £177 million fell through in September. The takeover deal, which would have merged the UK and US businesses to form a larger entity listed in London, was dropped due to a management change, which meant the company could no longer collect royalties from the TGI Fridays brand.
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TGI Fridays now joins other major brands, including Papa Johns and The Body Shop, in announcing closures in 2024.
