Restaurant chain TGI Fridays has immediately shut 16 restaurants for good after the group fell into administration.
The iconic US food restaurant – which has been open in the UK since 1987 – said it will keep most of its locations open after a rescue deal was secured.
But 16 sites have been shut for good, meaning 456 people have been made redundant from the group.
Liberty Bar and Restaurant Group, the company running TGI Fridays’ UK restaurants, hired administrators from Interpath Advisory on Tuesday.
Immediately, they sold the business and its assets to a subsidiary company of Sugarloaf, the firm behind the global TGI Friday brand.
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Sugarloaf previously bought the UK business from private equity firm Calveton UK and Breal Capital.
This means that 33 restaurants would stay open and 1,384 jobs were saved.
Which branches of TGI Fridays have closed?
The 16 TGI Fridays restaurants that have shut down since the group fell intro administration are:
- Ashton Under Lyne, Greater Manchester
- Doncaster, South Yorkshire
- Staines, Surrey
- Stevenage, Hertfordshire
- Walsall, West Midlands
- Bournemouth, Dorset
- Telford, Shropshire
- Reading, Berkshire
- Coventry, Warwickshire
- Edinburgh, Scotland
- Crawley, West Sussex
- Aberdeen Beach, Scotland
- Nottingham, Nottinghamshire
- Sheffield, South Yorkshire
- Stratford, Greater London
- Braintree, Essex
What has TGI Fridays said?
Phil Broad, global president of TGI Fridays, said: “We have been working closely to explore all available options for securing the long-term future of TGI Fridays in the UK, and believe that this is the best outcome for the business, preserves jobs, and offers a strong platform for success and growth.
“TGI Fridays has a long history in the UK, and I believe that the future of the brand is in strong hands – focused on reinvigorating the brand while continuing to deliver the bold flavours, welcoming atmosphere, and high-energy dining experience that define TGI Fridays.”
Ryan Grant, managing director at Interpath and joint administrator, said: “We are pleased to have been able to secure this transaction which will see this well-known brand continue to trade across the UK.
“While these have been difficult times for hospitality operators generally, this marks a pivotal step in TGI Fridays’ wider turnaround plan, putting in place stable foundations upon which it can begin to move forward.”
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