""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.""
""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.""
TGI Fridays in the UK entered administration, resulting in the closure of 16 restaurants and the loss of 456 jobs. Liberty Bar and Restaurant Group, which operates the chain, appointed administrators. Interpath Advisory sold the business and its assets to a Sugarloaf subsidiary; Sugarloaf had purchased the business from private equity firms Calveton UK and Beal Capital two months earlier. The pre-pack administration deal will protect 33 restaurants and transfer 1,384 staff to the new business. The outcome is presented as preserving jobs and creating a platform to reinvigorate the brand, maintain bold flavours and high-energy dining, and support a wider turnaround plan.
Read at London Business News | Londonlovesbusiness.com
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