A significant rescue deal has saved over 2,000 jobs at TGI Fridays in the UK.
- 51 TGI Fridays restaurants will remain open under new ownership after administration.
- Despite the deal, 35 restaurants will close, resulting in 1,000 job losses.
- Julie McEwan expresses optimism for TGI Fridays’ future despite recent challenges.
- Breal Capital and Calveton have acquired the brand, aiming for modernisation and growth.
Over 2,000 jobs have been preserved at TGI Fridays UK following a rescue deal that ensures the continuity of 51 restaurants across the nation. This development comes after the business faced administration, a challenging event for the casual dining sector.
The rescue deal secured by Breal Capital and Calveton ensures that 51 restaurants will continue operations, while unfortunately, 35 locations will close down, resulting in the loss of 1,000 jobs. Despite these closures, efforts are being concentrated on retaining staff where possible, with ongoing discussions with landlords for additional locations.
Julie McEwan, Chief Executive of TGI Fridays UK, acknowledged the brand’s enduring popularity and heritage. She remains hopeful for a promising future, emphasizing the brand’s commitment to its loyal patrons and workforce, “We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.” Her sentiments convey a determined outlook amidst the difficulties faced by casual dining establishments lately.
The acquisition by Breal Capital and Calveton, who have taken over through the Liberty Bar and Restaurant Group, represents a strategic effort to not only secure current positions but to revitalise and grow the TGI Fridays brand. They view this as an opportunity to modernise the business while tapping into the brand’s longstanding appeal.
The deal was facilitated by Teneo, whose senior managing director, Daniel Smith, commented on the transaction’s significance in providing stability and growth potential amidst sector pressures. Hostmore, TGI Fridays’ former parent company, had cited adverse conditions in their move to administration.
A comprehensive list of the TGI Fridays outlets remaining operational includes notable locations such as Bluewater, Trafford Centre, Meadowhall, Aberdeen Union Square, and others, ensuring that a significant presence is maintained across the United Kingdom.
The rescue deal presents a hopeful future for TGI Fridays, ensuring continuity for its workforce and patrons alike.
