Table of Contents
TGI Fridays owner Hostmore said it had appointed joint administrators to Teneo
The British operator of TGI Fridays has entered into receivership as it struggles to sell its 87 restaurants across the country.
Hostmore said it had appointed administrators to Teneo and expected to sell the UK restaurants to new owners later this month.
This would keep the TGI Fridays brand alive on Britain’s high streets and save the jobs of around 4,500 staff across the UK.
But it said this month it did not expect to “recover any significant value” from the sale, meaning it would earn less than it owed to creditors and banks.
It is unclear whether it will find a buyer for the entire chain or whether it will manage to sell only some of the outlets.
American-inspired restaurants will remain open as normal while the administrative process begins.
DIY INVESTMENT PLATFORMS
AJ Bell
AJ Bell
Easy investment and ready-to-use portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free investment ideas and fund trading
interactive investor
interactive investor
Flat rate investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading commissions
Trade 212
Trade 212
Free treatment and no commissions per account
Affiliate links: If you purchase a product This is Money may earn a commission. These offers are chosen by our editorial team as we believe they are worth highlighting. This does not affect our editorial independence.
