TGI Fridays UK secures rescue deal but 1000 jobs lost as 35 restaurants shut

TGI Fridays will remain on UK high streets following a rescue deal for the chain, but more than 1,000 staff have lost their jobs with the immediate closure of 35 restaurants.

Breal Capital and Calveton UK have acquired 51 restaurants after the group’s previous operator fell into administration.

It means that nearly 2,400 jobs have been saved across the US-themed restaurant and cocktail bar.

But joint administrators at Teneo said 35 restaurants were not included in the sale and have been closed immediately, resulting in 1,012 redundancies.

Julie McEwan, chief executive of TGI Fridays UK, said: “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 are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us.

“We are doing everything possible to retain our team and support those impacted.”

Published: 07/10/2024 by Radio NewsHub