TGI Fridays has closed 16 restaurants across the UK, resulting in 456 redundancies, after its operating company was placed into administration.
Liberty Bar and Restaurant Group, which ran the casual dining brand’s UK estate, has appointed administrators from Interpath Advisory.
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Joint administrators Ryan Grant and Will Wright have completed an immediate sale of the business and assets to a subsidiary of Sugarloaf, the company that owns the global TGI Fridays brand.
Interpath managing director Ryan 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.”
In a statement, Interpath said that the pre-pack administration agreement will secure the future of 33 restaurants, with 1,384 employees transferring to the new operating entity, Sugarloaf TGIF Operations.
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By GlobalDataThe statement added: “The joint administrators are providing all support to those employees impacted by redundancy as a matter of 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.”
