Liberty Bar and Restaurant Group, which own the famous brand, filed a third notice to appoint administrators last week – today, 16 sites were closed with immediate effect
TGI Friday’s has suddenly closed 16 restaurants after collapsing into administration.
Liberty Bar and Restaurant Group, which own the famous brand, filed a third notice to appoint administrators last week. The business and assets have now been acquired by Sugarloaf TGIF Operations Limited in a deal that sees the transfer and continuing operation of 33 restaurants across the UK.
While the pre-pack safeguards the jobs of 1,384 people, the transaction does not include 16 sites which have closed with immediate effect, leading to 456 redundancies. Ryan Grant and Will Wright of Interpath Advisory, who were appointed as joint administrators today, said providing support to the employees affected by the closures is now their priority.
TGI Fridays global president Phil Broad 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.”
Mr Grant 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 Friday’s wider turnaround plan, putting in place stable foundations upon which it can begin to move forward.”
Before reaching the deal today, the company had filed to appoint administrators twice in December. TGI Fridays first opened in the UK in 1986, with its first restaurant launched on Hagley Road in Birmingham before expanding across Britain.
The Mirror has reached out to TGI Friday’s for comment.
