The iconic TGI Fridays chain has been pummelled by severe economic headwinds, leading to the immediate shutdown of more than a third of its establishments in the UK. The drastic measure will see 35 of the brands 86 locations cease operations, notably including Birmingham’s Hagley Road restaurant, recognised as the very first Fridays to grace British soil since 1986.
Yet, thanks to a life-saving deal with Breal Capital and Calveton, 51 branches will persist, safeguarding around 2,400 jobs.
Unions have vocally condemned the closures, blasting the decision as deplorable. Unite Union’s hospitality spearhead, Bryan Simpson, decried the closures, saying: “To close venues and lock people out of their workplace with absolutely no notice is a moral outrage.”
Teneo’s senior managing director Daniel Smith, now the joint administrator overseeing the rescue operation, spoke of the deal with Breal Capital and Calveton UK as a lifeline for the struggling UK arm of TGI Fridays. Commending the agreement, he stated: “The casual dining sector has been adversely impacted by well-publicised pressures on discretionary spend.
“This transaction with Breal Capital and Calveton UK preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow. We thank all employees and other key stakeholders for their support at this difficult time.”
Julie McEwan, CEO of TGI Fridays UK, has expressed optimism about the brand’s future despite recent challenges in the casual dining sector. She stated: “TGI Fridays is a much-loved brand with a rich heritage. The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole. We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.”
She also acknowledged the impact on staff, saying: “We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us.”
Full list of 35 TGI Friday restaurants closed down:
Barnsley
Birmingham
Bracknell
Brighton Marina
Bristol Cabot Circus
Cardiff Newport Road
Chelmsford
Cheltenham
Croydon
Derby
Dundee
Durham
Edinburgh Fort Kinnaird
Enfield
Gateshead
Gloucester Quays
Halifax
Jersey
Leeds
Leeds Trinity
Leicester
Lincoln
Manchester Royal Exchange
Newcastle Eldon Square
Newport
Northampton
Prestwich
Romford
Sale
Solihull
Southampton West Quay South
Speke
Sutton Coldfield
Swansea
Watford North
