TGI Fridays will remain on UK high streets after a rescue deal was secured for the restaurant chain – but more than 1,000 staff have lost their jobs.
Thirty-five restaurants are closing immediately after they were not included in the sale, resulting in 1,012 redundancies.
However, 51 sites have been rescued in the sale to Breal Capital and Calveton, a day after Sky News reported a deal was being finalised.
It means nearly 2,400 jobs have been saved across the chain.
Trade union Unite said on X that staff had been shut out of restaurants with padlocks on the doors changed, while others were invited to a video call with members of the head office with one hour’s notice.
Other workers said they had not been told whether or not they will be paid, according to the trade union.
TGI Fridays’ parent company Hostmore said it was filing for administration last month due to debt problems.
The restaurants being saved are:
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.”
New private equity owners Breal and Calveton jointly own upmarket restaurant chain D&D London, and between them have had investments in Byron Burger and wine bar chain Vinoteca.
The United Kingdom division of casual-dining chain TGI Fridays is saved for now after private equity firms, Breal C
A rescue deal for the UK arm of TGI Fridays has been struck, with two private equity groups to buy 51 restaurants – although a further 35 outlets are to close
The UK operator of TGI Fridays revealed last month it had entered administration as it scrambled to sell its chain of 87 restaurants across the country.
There was no warning of potential redundancies or consultation with those employed by TGI Fridays. (ErithJohn via Getty Images)Part of restaurant chain TGI Frid