THE future of a family-favourite restaurant is at risk just months after it closed dozens of sites and axed 1,000 jobs.
The company behind TGI Fridays in the UK has filed a notice of intention to appoint administrators.
Liberty Bar and Restaurant Group, which is behind TGI Fridays in the UK, filed the measure, which will pause any action by creditors and give directors time to consider the future of the chain.
Phil Broad, president of 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.”
He added that the priority is to protect TGI Fridays employees and its restaurants.
Meanwhile, he confirmed that TGI Fridays restaurants will remain open over Christmas.
The news comes after TGI Fridays in the UK was acquired by Sugarloaf TGIF Management, which is run by the chain’s previous chief executive, Ray Blanchette.
The move preserved its remaining 49 restaurants and 2,000 jobs.
Financial advisory firm Interpath was then appointed to explore strategic options for the chain.
Interpath was hired to approach potential investors about a possible deal.
It’s the latest in a turbulent period for the popular dining chain, which was rescued from administration last year by Breal Capital and Calverton.
The deal saved dozens of restaurants but 36 that were not included were closed.
Among the restaurants to be axed was its flagship in London’s Leicester Square.
Sugarloaf then acquired TGI Fridays UK just a year after the rescue deal.
