The company behind TGI Fridays in the UK has filed a notice of intention to appoint administrators – but says all its restaurants will stay open over Christmas as bosses bid to protect the brand.
It’s the latest in a turbulent period for the well-known dining chain, which has almost 50 UK restaurants. Its owners say they are trying to secure the brand’s future in the UK and say “the priority is to protect TGI Fridays employees and its restaurants.”
American chain TGI Fridays moved into the UK in the 1980s and has restaurants across the country from Aberdeen to Bournemouth.
In 2024, Breal Capital and Calveton agreed a rescue deal to buy the UK arm of TGI Fridays from administration. The deal saved dozens of restaurants, though another 36 that were not part of the deal were closed.
Early in November, Sky News reported that Sugarloaf TGIF Management, a business led by former TGI Fridays CEO Ray Blanchette, had bought the UK business in a move that would preserve its remaining 49 restaurants and 2,000 jobs.
But weeks later Sky News reported that Sugarloaf had brought in financial advisory firm Interpath to consider options for the business, even including a potential sale. Sky reported that Interpath had begun approaching potential investors.
Now Liberty Bar and Restaurant Group, the company behind TGI Fridays in the UK, has filed a Notice of Intention to appoint an administrator, a legal step which will pause any action by creditors and give directors time to consider their options.
Phil Broad, President TGI Fridays International Franchising, told BusinessLive: “The Directors of TGI Fridays UK can confirm that a notice of intent to appoint administrators was filed with the court. This step brings the new owners, who assumed control last month, closer to securing and strengthening the long-term future of TGI Fridays in the UK.
“The priority is to protect TGI Fridays employees and its restaurants, and we want to express gratitude to all stakeholders for their patience during this process. We also want to reassure guests that all locations remain open throughout the holiday period, delivering the welcoming, celebratory experience that TGI Fridays is known for.”
The first TGI Fridays was opened in New York in 1965 by Alan Stillman. Its first UK restaurant opened in Birmingham in 1986.
The company became as well known for its cocktails as its food. It even trained Tom Cruise for his bartending role in the 1988 movie Cocktail.
There is a propeller mounted above the bar in every TGI Fridays. The company’s UK website says: “It is said that the bar was the start-up of the TGI Fridays engine. It was what made us famous and propelled us to success. On opening day any visiting VIPs sign a dollar bill and tape it to the propeller as a symbol of good luck.”
In June, TGI Fridays launched a menu overhaul as part of what it called its “ultimate comeback campaign”. Just last month it launched its Christmas menu, including a Triple Stacked Jingle Bell Burger.
