Former TGI Fridays chief to acquire UK arm
Sugarloaf TGIF Management, led by ex-chief executive Ray Blanchette, to take control of nearly 50 UK restaurants
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TGI Fridays’ UK business is reportedly set to be acquired by Sugarloaf TGIF Management, a company run by the brand’s former global chief executive Ray Blanchette, according to Sky News.
The outlet has learnt that the deal will see Sugarloaf safeguard around 2,000 jobs. Industry sources also told Sky News that the agreement, expected to be announced within days, will see Sugarloaf take ownership of nearly 50 UK restaurants.
The British arm of the restaurant chain was sold just over a year ago to investment firms Calveton UK and Breal Capital.
It continues to operate a similar number of outlets and has reported a “strong” bookings pipeline ahead of the Christmas trading period.
A spokesperson speaking on behalf of Breal Capital and Calveton UK, told Catering Today: “After a prolonged period of due diligence we are pleased to announce the sale of TGI Friday’s UK to Sugarloaf, the manager and custodian of the Worldwide brand.
“During 12 months of our tenure we have stabilised the team and supply chains as well as completing the first phase of repositioning the brand through a national relaunch on July 4th this year which has seen improvements in both revenues and covers growth versus run rate.”
They added: “We hand the reins over with positive like 4 like sales growth and Festive trading currently a healthy 25% up on bookings versus this time last year. We would like to thank the UK management team and staff for their hard work and efforts over the last 12 months”
Sugarloaf has been contacted for comment.
