The future of TGI Fridays’ British operations has been thrown into fresh doubt just a month after the well-known casual dining chain was bought by the manager of most of the brand’s global operations.
Sky News has learnt that the financial advisory firm Interpath has been appointed to explore strategic options for TGI Fridays’ UK business, which comprises 49 sites and employs almost 2,000 people.
Interpath has begun contacting potential investors in the last few days about a potential deal.
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It comes just a few weeks after TGI Fridays in the UK was acquired by Sugarloaf TGIF Management, a company run by the chain’s former chief executive, Ray Blanchette.
The reason for the rapid decision to market the business was unclear on Thursday, although the commencement of an investment process at the start of the festive trading period will raise questions among prospective bidders.
In a statement issued to Sky News, Phil Broad, president, TGI Fridays International Franchising, said: “The directors of TGI Fridays UK can confirm they are working closely with independent advisors to explore all available options for securing the long-term future of TGI Fridays in the UK.
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“Since assuming control last month, our priority has been to protect jobs, support our employees, and continue to deliver the welcoming, celebratory experience guests expect from TGI Fridays.
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“These discussions are progressing constructively, and we will provide further updates when appropriate.”
TGI’s British chain, was previously sold just over a year ago to Calveton UK and Breal Capital, two investment firms which are said to have stabilised the business’s performance.
While the hospitality sector was not hit as hard by this week’s Budget as it had been in Rachel Reeves’s inaugural fiscal statement in autumn 2024, it did not provide as much financial relief as the industry had been calling for.
