TGI Fridays UK business up for sale one month after acquisition
TGI's British chain, was previously sold just over a year ago to Calveton UK and Breal Capital, two investment firms which are said to have stabilised the business's performance
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TGI Fridays British operations have been thrown into doubt after the business has been put up for sale just a month after being acquired by Sugarloaf TGIF Management, according to reports from Sky News.
Interpath Advisory has been appointed to explore strategic options for the business which comprises 49 sites and employs almost 2,000 people.
Interpath has begun contacting potential investors in the last few days about a potential deal. The reason for the decision is currently unclear but the commencement of an investment process at the start of the festive trading period will raise questions among prospective bidders.
In a statement issued to Sky News, Phil Broad, president, TGI Fridays International Franchising, said: “The directors of TGI Fridays UK can confirm they are working closely with independent advisors to explore all available options for securing the long-term future of TGI Fridays in the UK.
“Since assuming control last month, our priority has been to protect jobs, support our employees, and continue to deliver the welcoming, celebratory experience guests expect from TGI Fridays. These discussions are progressing constructively, and we will provide further updates when appropriate.”
TGI’s British chain, was previously sold just over a year ago to Calveton UK and Breal Capital, two investment firms which are said to have stabilised the business’s performance.
