Written ByRobert Moore
Marketing Manager
Rob has over a decade of experience in web and general marketing. He has extensive knowledge of the Insolvency sector and has helped many worried directors with their questions.
Rob is now working with the Board at KSA Group Ltd to develop strategic marketing programmes to support the business plan and drive more company rescues.
Update 07th October
Breal Capital and Calveton UK have secured a rescue deal for TGI Fridays, meaning the chain will continue to exist on UK high streets.
However, the deal includes just 51 of its 86 sites, forcing 35 to shut with immediate effect.
1,012 redundancies have been made – please refer to our guide here on your rights in redundancy.
The new private equity owners, Breal and Calveton, jointly own the upmarket restaurant chain D&D London. Between them they have also had investments in Byron Burger and wine bar chain Vinoteca – so they are no stranger to the restaurant world!
Update 19th September
Hostmore, the owners of TGI Fridays has gone into administration and the 86 sites are now officially up for sale.
“The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country,” a Hostmore spokesperson told the BBC.
According to reports in the Telegraph administrators at Teneo, the restructuring firm, are on standby if TGI Fridays cannot sell its restaurants. The firm ran into trouble following its attempted foray into the US. The chain has 86 restaurants and employs 3000 people.
The owners of the chain, Hostmore, has £35m of debts.
The business was spun out of private equity trust Electra in November 2021 in a move that Hostmore chief executive Robert Cook hailed as a “significant milestone”.
Its shares started trading at 147p but by March of last year it had lost 90% of its value. By Monday 16th September 2024 the whole company has been valued at £1m.
The CVA would only really work if the main problem was high rents or just certain outlets needed to be closed down. The money that it owes its lender is no doubt secured so they have the power to call in administrators at any time.
Without knowing more about its exact financial position it is hard to say.
If the company does go into administration it is likely that a number of the restaurants, which are making money, will be snapped up by other restaurant groups and may continue to trade under the TGI brand. If not then the owners will take advantage of their prime locations.
A guide for redundant employees
A guide for redundant employees
Will I get my goods as the company has gone into administration
Will I get my goods as the company has gone into administration
Retailer rescue with CVA
Retailer rescue with CVA