Family favourite restaurant chain SAVED from administration but dozens of sites still at risk – see the full list --[Reported by Umva mag]

A FAMILY favourite restaurant chain has been saved from administration after a major buyout. Hostmore, the UK owner and operator of TGI Fridays, has been sold just weeks after the struggling restaurant business went under. AlamyFans of the American-style restaurant chain will be relieved[/caption] Breal Capital and Calveton, which jointly owns the posh restaurant business D&D London, have acquired the chain. The rescue deal saves 51 of the chain’s 87 sites and at least 2,000 of its more than 3,000-strong workforce. Buyers have no obligation to purchase the entirety of a bust chain. TGI says that it is hopeful that it “may be able to secure further locations” following discussions with the landlords. However, 36 TGI restaurants and over 1,000 staff members remain at risk for the time being. Julie McEwan, chief executive of TGI Fridays UK, said: “TGI Fridays is a much-loved brand with a rich heritage. “The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole. “We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.” RESTAURANTS SAVED THE rescue deal has saved 51 of TGI's 87 sites. These are located in: Aberdeen Beach Aberdeen Union Square Ashton-Under-Lyne Basildon Birmingham NEC Bluewater Bolton Bournemouth Braehead Braintree Castleford Cheadle Cheshire Oaks Coventry Crawley Cribbs Causeway Doncaster Edinburgh Fareham Glasgow Buchanan Street Glasgow Fort High Wycombe Junction 27 Lakeside Lakeside Quay Leicester Square Liverpool One Meadowhall Metrocentre Milton Keynes Milton Keynes Stadium Norwich Nottingham Reading Rushden Lakes Sheffield Silverburn Southampton St Davids Staines Stevenage Stoke on Trent London Stratford Teesside Telford London The O2 Trafford Centre Walsall Watford Central Wembley Leeds White Rose A spokesperson for the new owners said: “We are delighted to be working with such an enthusiastic and committed Management Team to both modernise the business and capitalise on the heritage of this iconic Brand.” The American-inspired restaurant chain continues to operate all sites as usual today. TGI Fridays plunged into administration on September 18, putting all 87 locations at risk. When a company enters administration, all control is passed to an appointed administrator – who has to be a licensed insolvency practitioner. Their goal is to leverage the company’s assets and business to repay creditors. In TGI’s case, all 87 restaurants were put up for sale. Hostmore said that it was not expecting to “recover any meaningful value” from the sale of sites. Since its debut in Birmingham in 1986, TGI Fridays quickly expanded nationwide, winning over diners with its casual American bistro-style experience. Serving staff were known as Dub Dubs, and taught the art of entertaining their customers with jokes, banter, and other gimmicks like juggling and magic tricks, all performed with impeccable table craft and cheeriness. A decade ago, the chain was acquired by a private equity firm, which rebranded it by removing all punctuation, resulting in the name being changed from T.G.I Friday’s to TGI Fridays. In 2021, the company was spun off into Hostmore, a listed entity. The restaurants were briefly rebranded as ‘Fridays,’ but marketing chiefs quickly reverted to the original name after realising that customers still referred to it as ‘TGI’s.’ Recently, the chain’s fortunes have waned, with Hostmore reporting that UK sales have dropped by more than 10% this year compared to last year. TGI Fridays’ biggest market is the US, where it operates 128 restaurants, including franchised sites. It also operates more than 270 restaurants in countries around the world. RESTAURANTS AT RISK Exactly 36 TGI restaurants have not been bought as part of the rescue deal. These are located in Barnsley Birmingham Hagley Road Bracknell Brighton Marina Cabot Circus Cardiff Newport Road Cardiff St David’s Chelmsford Cheltenham Croydon Derby Durham Enfield Fort Kinnaird Gateshead Gloucester Quays Halifax Jersey Leeds Junction 27 Leeds Wellington Bridge Street Leicester Lincoln Liverpool Speke Manchester Royal Exchange Newcastle Eldon Square Newport Friars Walk Northampton Prestwich Romford Sale Solihull Trinity Leeds Watford North West Quay HOSPITALITY WOES The hospitality sector has struggled to bounce back after the pandemic, facing challenges including soaring energy bills, inflation and staff shortages. In January 2023, Byron Burger fell into administration with owners saying it would result in the loss of over 200 jobs. The Restaurant Group (TRG), which owned Frank

Oct 7, 2024 - 14:07

Family favourite restaurant chain SAVED from administration but dozens of sites still at risk – see the full list --[Reported by Umva mag]

A FAMILY favourite restaurant chain has been saved from administration after a major buyout.

Hostmore, the UK owner and operator of TGI Fridays, has been sold just weeks after the struggling restaurant business went under.

a red and white sign for t.g.i. friday 's

Fans of the American-style restaurant chain will be relieved[/caption]

Breal Capital and Calveton, which jointly owns the posh restaurant business D&D London, have acquired the chain.

The rescue deal saves 51 of the chain’s 87 sites and at least 2,000 of its more than 3,000-strong workforce.

Buyers have no obligation to purchase the entirety of a bust chain.

TGI says that it is hopeful that it “may be able to secure further locations” following discussions with the landlords.

However, 36 TGI restaurants and over 1,000 staff members remain at risk for the time being.

Julie McEwan, chief executive of TGI Fridays UK, said: “TGI Fridays is a much-loved brand with a rich heritage.

“The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole.

“We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.”

RESTAURANTS SAVED

THE rescue deal has saved 51 of TGI's 87 sites. These are located in:

Aberdeen Beach
Aberdeen Union Square
Ashton-Under-Lyne
Basildon
Birmingham NEC
Bluewater
Bolton
Bournemouth
Braehead
Braintree
Castleford
Cheadle
Cheshire Oaks
Coventry
Crawley
Cribbs Causeway
Doncaster
Edinburgh
Fareham
Glasgow Buchanan Street
Glasgow Fort
High Wycombe
Junction 27
Lakeside
Lakeside Quay
Leicester Square
Liverpool One
Meadowhall
Metrocentre
Milton Keynes
Milton Keynes Stadium
Norwich
Nottingham
Reading
Rushden Lakes
Sheffield
Silverburn
Southampton
St Davids
Staines
Stevenage
Stoke on Trent
London Stratford
Teesside
Telford
London The O2
Trafford Centre
Walsall
Watford Central
Wembley
Leeds White Rose

A spokesperson for the new owners said: “We are delighted to be working with such an enthusiastic and committed Management Team to both modernise the business and capitalise on the heritage of this iconic Brand.”

The American-inspired restaurant chain continues to operate all sites as usual today.

TGI Fridays plunged into administration on September 18, putting all 87 locations at risk.

When a company enters administration, all control is passed to an appointed administrator – who has to be a licensed insolvency practitioner.

Their goal is to leverage the company’s assets and business to repay creditors.

In TGI’s case, all 87 restaurants were put up for sale.

Hostmore said that it was not expecting to “recover any meaningful value” from the sale of sites.

Since its debut in Birmingham in 1986, TGI Fridays quickly expanded nationwide, winning over diners with its casual American bistro-style experience.

Serving staff were known as Dub Dubs, and taught the art of entertaining their customers with jokes, banter, and other gimmicks like juggling and magic tricks, all performed with impeccable table craft and cheeriness.

A decade ago, the chain was acquired by a private equity firm, which rebranded it by removing all punctuation, resulting in the name being changed from T.G.I Friday’s to TGI Fridays.

In 2021, the company was spun off into Hostmore, a listed entity. The restaurants were briefly rebranded as ‘Fridays,’ but marketing chiefs quickly reverted to the original name after realising that customers still referred to it as ‘TGI’s.’

Recently, the chain’s fortunes have waned, with Hostmore reporting that UK sales have dropped by more than 10% this year compared to last year.

TGI Fridays’ biggest market is the US, where it operates 128 restaurants, including franchised sites.

It also operates more than 270 restaurants in countries around the world.

RESTAURANTS AT RISK

Exactly 36 TGI restaurants have not been bought as part of the rescue deal. These are located in

Barnsley
Birmingham Hagley Road
Bracknell
Brighton Marina
Cabot Circus
Cardiff Newport Road
Cardiff St David’s
Chelmsford
Cheltenham
Croydon
Derby
Durham
Enfield
Fort Kinnaird
Gateshead
Gloucester Quays
Halifax
Jersey
Leeds Junction 27
Leeds Wellington Bridge Street
Leicester
Lincoln
Liverpool Speke
Manchester Royal Exchange
Newcastle Eldon Square
Newport Friars Walk
Northampton
Prestwich
Romford
Sale
Solihull
Trinity Leeds
Watford North
West Quay

HOSPITALITY WOES

The hospitality sector has struggled to bounce back after the pandemic, facing challenges including soaring energy bills, inflation and staff shortages.

In January 2023, Byron Burger fell into administration with owners saying it would result in the loss of over 200 jobs.

The Restaurant Group (TRG), which owned Frankie & Benny’s, Chiquito and Wagamama, shut dozens of sites in the same year.

It then went on to sell its Frankie & Bennys and Chiquito brands to Cafe Rouge owner The Big Table group in September 2023.

Italian restaurant chain Prezzo also closed dozens of sites last year.

In April 2024, Tasty, the owners of Italian restaurant Wildwood and Dim T, a pan-Asian restaurant, announced plans to exit around 20 loss-making restaurants after a “challenging” start to the year.

In the same month, Whitbread revealed plans to slash its chain of branded restaurants across the UK.

Pub giant Stonegate has also raised fears about its survival as it races to plug its debts.

Britain’s “rudest restaurant” went bust in September after its parent company, Viral Ventures UK, reportedly racked up more than £400,000 worth of debt.

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