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TGI Fridays has closed 16 restaurants which has led to the loss of 456 jobs as the restaurant chain has entered administration.
Liberty Bar and Restaurant Group, who runs the restaurant chain hired administrators on Tuesday.
Interpath Advisory sold the business and its assets to a subsidiary company of Sugarloaf, who had bought the business from private equity company Calveton UK and Beal Capital two months earlier.
Interpath Advisory said the pre-pack administration deal will protect 33 restaurants and1,384 staff will transfer to the new business.
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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