TGI Fridays rescue deal that could save 2,000 jobs ‘nearly agreed’

The restaurant chain, which has 87 sites across the UK, collapsed into administration earlier this year

TGI Fridays was reportedly close to being saved in a rescue deal. The restaurant chain, which has 87 sites across the UK, collapsed into administration earlier this year - putting more than 3,000 jobs at risk.

However negotiations were said to be taking place between Breal Capital and Calveton, which jointly own the upmarket restaurants business D&D London, over the weekend, Sky News reports. It was thought a deal could be agreed to acquire the majority of TGI Fridays by today (Monday, October 7).

Insiders claimed the deal could include up to 55 of the chain's sites and at least 2,000 of its workforce. However while the deal would salvage the majority of jobs, around 1,000 could still be lost.

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Parent company Hostmore announced it was filing for administration last month, but said it would have no impact on Thursdays, the trading subsidiary which owns the TGI Fridays UK franchise. However, the operating business itself later filed a notice of intention to appoint administrators.

Since first opening in Birmingham, TGI Fridays format of casual American bistro-style dining spread rapidly around the country, The Sun reports. In the early 1990s, the Covent Garden branch was said to be the busiest restaurant in Europe.

However in recent times the chain restaurant’s fortunes had faded, Hostmore said UK sales had fallen by more than a tenth this year, compared with last year.