Fill list of TGI Fridays restaurants at risk as chain collapses into administration
TGI Fridays UK has collapsed into administration as the group scrambles to sell its 87 restaurants - here's the full list of branches at risk of closure
by Levi Winchester · ChronicleLiveThe hospitality group behind the restaurant chain TGI Fridays, Hostmore, has fallen into administration. The company, which operates TGI Fridays in the UK, had been attempting to sell its 87 restaurants but confirmed today that it has now collapsed.
Administrators from Teneo have been appointed to oversee the process.
Hostmore is aiming to complete a sale of its UK restaurants by the end of September, a move that would keep the TGI Fridays brand alive on British high streets. However, it remains uncertain whether a new buyer will be found for some or all of the restaurants.
TGI Fridays, an American-inspired restaurant chain, first opened in the UK in the 1980s. Its name stands for "Thank God its Friday", and it offers a menu influenced by New York cuisine and cocktails.
TGI Fridays' UK restaurants will continue to operate as usual while the administration process begins. This development follows Hostmore's decision to abandon plans to purchase all the TGI restaurants in the US - its largest market where it has 128 restaurants - for £177 million, reports the Mirror.
The plan was to merge with US-based TGI Fridays Inc, forming a larger company that would remain listed in London. However, the announcement of the deal falling through led to a more than 90% drop in shares.
The shares are now valued at less than 0.2 pence each and have been suspended from the London Stock Exchange. TGI Fridays operates over 270 restaurants in countries around the globe.
Hostmore released a statement on the London Stock Exchange today, stating: "The Board inherited a very challenging set of circumstances, but a focus on reducing costs, revising the Group's capital allocation policy and implementing both Board and senior management changes, meant that the Group was able to reduce annualised expenditures by £12million, significantly reduce losses from unprofitable stores, and operate the Group's stores at a best in class efficiency level for the sector, all while improving guest scores to our highest levels on record."
"Unfortunately, all of the Board's efforts to implement a lasting solution to support the long-term financial future of the business came against a highly challenging trading and macroeconomic backdrop, and efforts to create value for shareholders through the proposed acquisition of TGI Fridays, while well-advanced, encountered adverse events outside of the Board's control."
Full list of 87 TGI Fridays UK restaurants
- Fridays Aberdeen beach
- Fridays and Go Dundee
- Fridays Barnsley
- Fridays Basildon
- Fridays Birmingham
- Fridays Bluewater
- Fridays Bolton
- Fridays Bournemouth
- Fridays Bracknell
- Fridays Braintree
- Fridays Brighton Marina
- Fridays Cardiff St David's
- Fridays Castleford
- Fridays Cheadle
- Fridays Chelmsford
- Fridays Cheltenham
- Fridays Cheshire Oaks
- Fridays Coventry
- Fridays Crawley
- Fridays Croydon
- Fridays Derby
- Fridays Doncaster
- Fridays Durham
- Fridays Edinburgh
- Fridays Enfield
- Fridays Fareham
- Fridays Glasgow
- Fridays Glasgow Fort
- Fridays Gloucester Quays
- Fridays Halifax
- Fridays High Wycombe
- Fridays Jersey
- Fridays Lakeside quay
- Fridays Leeds
- Fridays Leeds trinity
- Fridays Leicester
- Fridays Lincoln
- Fridays Milton Keynes stadium
- Fridays Newport
- Fridays Northampton
- Fridays Norwich
- Fridays Nottingham
- Fridays Prestwich
- Fridays Reading
- Fridays Reading Oracle
- Fridays Romford
- Fridays Rushden Lakes
- Fridays Sale
- Fridays Sheffield
- Fridays Solihull
- Fridays Staines
- Fridays Stevenage
- Fridays Sutton Coldfield
- Fridays Swansea
- Fridays Telford
- Fridays Walsall
- Fridays Watford Central
- Fridays Cardiff Newport Road
- Fridays Edinburgh Fort Kinnaird
- Fridays Sheffield Meadowhall
- Fridays Speke
- Fridays Teesside
- Fridays Watford North
- Fridays Leeds White Rose
- Fridays Ashton
- Fridays Bristol Cabot Circus
- Fridays Bristol Cribbs Causeway
- Fridays Southampton West Quay south
- Fridays Southampton Harbour Parade
- Fridays Glasgow Braehead
- Fridays Manchester Trafford Centre
- Fridays Newcastle Eldon Square
- Fridays Gateshead Metrocentre
- Fridays London Leicester Square
- Fridays London Stratford
- Fridays Manchester Royal Exchange
- Fridays Birmingham Resort nec
- Fridays Gateshead
- Fridays Lakeside
- Fridays Glasgow Silverburn
- Fridays Hanley/Stoke on trent
- Fridays Leeds Birstall jct27
- Fridays Liverpool One
- Fridays London o2
- Fridays London Wembley
- Fridays Milton Keynes (theatre district)
- Fridays Aberdeen Union Square
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