The recent deal, announced on October 7, confirms that Breal Capital and Calveton have acquired 51 TGI Fridays restaurants, securing more than 2,000 jobs at these locations. Unfortunately, 36 other TGI sites are set to close, putting around 1,000 jobs at risk.
Last month, reports indicated that Breal and Calveton were in advanced negotiations to take over TGI Fridays’ UK franchise due to the previous owner, Hostmore, collapsing. Hostmore entered administration in mid-September after abandoning a planned all-share acquisition of TGI Fridays’ US operations. The US group lost control of TGIF Funding, which manages the franchise agreement royalties and related revenues.
Although Hostmore aimed to sell its entire estate of 87 TGI restaurants, the current sale only includes 51. The new owners are optimistic about potentially securing additional locations through discussions with landlords, but according to the BBC, Hostmore’s administrators, Teneo, confirmed that 36 restaurants have closed immediately.
Julie McEwan, chief executive of TGI Fridays UK, expressed a hopeful outlook for the brand’s future, emphasizing TGI Fridays’ heritage and value to customers. She also extended gratitude to the departing employees for their commitment during challenging times.
Breal and Calveton previously acquired D&D London and have other ventures, including Vinoteca and Byron, in their portfolio. A spokesperson for the new owners expressed excitement about collaborating with the management team to modernize and leverage the iconic brand’s heritage.
Among the closures is Fridays And Go in Dundee, a fast-casual concept that launched in March 2022 but never expanded beyond one location.
Full list of TGI Fridays UK restaurants remaining open:
- Bluewater
- Trafford Centre
- Meadowhall
- Aberdeen Union Square
- Metrocentre
- Basildon
- Glasgow Fort
- Milton Keynes Stadium
- Braehead
- Wembley
- Birmingham NEC
- Glasgow
- Junction 27
- Castleford
- Lakeside Quay
- Teesside
- Bolton
- Norwich
- St Davids
- Doncaster
- Lakeside
- Fareham
- Liverpool One
- Stevenage
- White Rose
- Cribbs Causeway
- Rushden Lakes
- Stoke on Trent
- Southampton
- Silverburn
- Watford Central
- Aberdeen Beach
- Braintree
- Bournemouth
- Stratford
- High Wycombe
- Cheshire Oaks
- Walsall
- Milton Keynes
- Sheffield
- Nottingham
- Edinburgh
- Coventry
- Ashton-Under-Lyne
- Telford
- The O2
- Staines
- Crawley
- Reading
- Cheadle
- Leicester Square
