D&D London closes in on TGI Fridays rescue deal
However, the operating business itself subsequently filed a notice of intention to appoint administrators
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TGI Fridays is close to a rescue deal with D&D London owners Breal Capital and Calveton as they could look to acquire the majority of the business as early as today (7 October 2024), according to Sky News.
Sky News has learnt that the rescue deal will salvage more than 2,000 jobs and an announcement is likely to be made once the transaction is completed.
Additionally, sources said that the deal was expected to include 50 to 55 chains out of 87 sites and that final details were still being finalised between the buyers and the administrators.
Although the majority of the staff are being retained the deal might still see 1,000 jobs being lost. While filing for administration last month parent company Hostmore stated that this would have no impact on Thursdays, the trading subsidiary which owns the TGI Fridays UK franchise.
However, the operating business itself subsequently filed a notice of intention to appoint administrators.
The impending deal is understood to include the chain’s existing leases and the right to use the TGI Fridays brand in the UK.
Break Capital and Calveton have been contacted for comment.
