October 6th 2024.
The popular TGI Fridays restaurants are facing a period of uncertainty, as the fate of many of its branches and employees hangs in the balance. Ever since the American-inspired diner fell into administration last September, the future of up to 3,000 hardworking hospitality workers has been in limbo.
Hostmore, the operator of TGI Fridays, has been trying to find a buyer for 87 of its branches across the UK. However, it seems that a glimmer of hope has emerged with the potential for a rescue deal to be finalized. Breal Capital and Calveton, the joint owners of D&D London, a restaurant business, are reportedly in talks to acquire the majority of the chain.
If this deal goes through, it could mean that around 2,000 of the 3,000 employees will be able to keep their jobs. However, this also means that approximately 1,000 jobs are still at risk of being lost. The final details of the deal are being ironed out and an official announcement is expected on Monday, according to sources from Sky News.
The potential deal would include anywhere from 50 to 55 of the 87 TGI Fridays locations, leaving the remaining branches facing the possibility of closure. Hostmore has attributed the collapse of the business to a "very challenging set of circumstances," and reassured customers that existing stores are still operating normally.
The joint administrator, Teneo, has stated that while they continue to search for a new owner for the UK restaurants, they do not anticipate recovering any significant value from the sales. Both Breal Group and TGI Fridays have declined to comment on the matter at this time.
TGI Fridays has been a staple in the UK since its first branch opened in Covent Garden in 1987. Over the years, it has expanded to 41 sites by 2004. It's a sad turn of events to see such a beloved restaurant facing such difficulties. For those who are curious, a full list of the UK TGI Fridays restaurants up for sale can be found online.
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