Tough times for TGI Fridays as the popular restaurant chain has shut 16 of its UK locations, affecting 456 jobs. This decision follows the brand slipping into administration, though a rescue plan is set to keep the remaining 33 outlets open.
Enter Liberty Bar and Restaurant Group, who had administrators come aboard to sell the business to Sugarloaf’s subsidiary, the brand’s global powerhouse. Sugarloaf, who had already purchased TGI Fridays UK from private equity firms earlier, steps in to secure the future of the chain.
Phil Broad, TGI Fridays’ global president, assures us that this move is the best shot at securing a future for the brand in the UK. The plan is to preserve jobs and revamp the classic TGI Fridays experience we all love—think bold flavours and energetic vibes.
Meanwhile, Ryan Grant, managing director at Interpath, highlighted the significance of this transaction in turning the brand around. Despite the tough conditions for hospitality, this is a crucial step towards stabilising TGI Fridays and gearing up for the future.
While the closure news stings, let’s hope TGI Fridays bounces back with a fresh twist and all the classic elements that make it a beloved spot on the high street.