TGI Fridays has shut down 16 of its restaurants across the UK, resulting in 456 job losses
The casual dining chain will continue operating its remaining 33 locations after being sold in a rescue agreement. On 13th January, Interpath was appointed as the administrator for Liberty Bar and Restaurant Group, which oversees TGI Fridays’ UK operations. The brand’s UK business and assets were immediately sold to a company owned by Sugarloaf, which manages the global TGI Fridays brand. According to administrators, the deal has protected 1,384 jobs.
Phil Broad, TGI Fridays’ Global President, 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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