Over 2,000 jobs saved in TGI Fridays rescue deal

The future of TGI Fridays in the UK has been secured following its sale to the investors behind D&D London.

 

Breal Capital and Calveton have agreed to purchase 51 of the chain’s 87 restaurants, saving over 2,000 jobs.

 

However, it means 1,012 of TGI Fridays’ UK staff will be made redundant across the remaining 36 sites.

 

The new owners said they hoped further restaurants could be saved following discussions with the landlords.

 

The sale means TGI Fridays will remain on the high street after its UK owner Hostmore fell into administration last month.

 

Julie McEwan, chief executive of TGI Fridays UK, said: “The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole.

 

“We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.

 

“We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us. We are doing everything possible to retain our team and support those impacted.”

 

The last few weeks have given rise to speculation about the future of the TGI Fridays brand, which was founded in New York in 1965 and launched in the UK in Birmingham in 1986.

 

McEwan said the group was “committed to continuing to evolve our proposition and to give our guests a great value for money experience".

 

A spokesperson for Breal and Calveton said they planned to work with the management team to “both modernise the business and capitalise on the heritage of this iconic brand”.

 

Breal and Calveton are experienced hospitality investors and acquired the D&D London restaurant group last year. Calveton also backs Byron, while Breal’s investments include wine bar group Vinoteca and Black Sheep Brewery.

 

The Insolvency Service has issued advice for TGI Fridays employees and creditors impacted by the sale.

 

Law firm Freeths advised Breal and Calveton on the deal.

 

The TGI Fridays UK restaurants remaining open are:

 

Aberdeen Beach
Aberdeen Union Square
Ashton-Under-Lyne
Basildon
Birmingham NEC
Bluewater
Bolton
Bournemouth
Braehead
Braintree
Castleford
Cheadle
Cheshire Oaks
Coventry
Crawley
Cribbs Causeway
Doncaster
Edinburgh
Fareham
Glasgow
Glasgow Fort
High Wycombe
Junction 27
Lakeside
Lakeside Quay
Leicester Square
Liverpool One
Meadowhall
Metrocentre
Milton Keynes
Milton Keynes Stadium
Norwich
Nottingham 
Reading
Rushden Lakes
Sheffield
Silverburn
Southampton
St Davids
Staines
Stevenage
Stoke on Trent
Stratford
Teesside
Telford
The O2
Trafford Centre
Walsall
Watford Central
Wembley
White Rose