TGI Fridays confirms rescue deal but shutters 35 restaurants
The closures resulted in 1,012 redundancies.
TGI Fridays announced that it has been acquired by Breal Capital and Calveton UK, following the completion of a successful sale process.
On 7 October 2024 Thursdays UK Limited, operating under the brand ‘TGI Fridays UK’, entered administration and Daniel Smith and Julian Heathcote of Teneo Financial Advisory Limited were appointed as Joint Administrators.
Immediately following the appointment, the Joint Administrators completed a sale of 51 sites, including the transfer of 2,389 employees.
However, 35 restaurants were excluded from the sale and have been closed, resulting in 1,012 redundancies.
TGI Fridays in a LinkedIn post said that they are ‘devastated for their colleagues who will be leaving’ and thanked ‘them for their loyalty and contributions.’
The sale of TGI Fridays came after its parent company Hostmore went into administration.
