Stores and jobs at risk as TGI Fridays owner eyes pre-pack administration

Hundreds of jobs could be lost at TGI Fridays in the UK as the restaurant chain’s owner prepares plans for a pre-pack administration involving widespread site closures, according to Sky News.

The outlet has learnt that Sugarloaf TGIF Management, which acquired the business two months ago, is finalising proposals to buy back a reduced version of the chain through an insolvency process expected to take place as early as next week.

People familiar with the situation said the deal could involve the closure of a significant number of TGI Fridays’ 49 UK restaurants. 

One source said between 15 and 20 sites were under consideration for permanent closure, although the final number has yet to be confirmed. They added that the transaction could still be delayed.

According to Sky News, if the plan proceeds, it is expected to result in hundreds of redundancies across TGI Fridays’ UK workforce, which numbers close to 2,000 employees.

Interpath Advisory has been lined up to oversee the administration, with two notices of intention to appoint administrators having been filed shortly before Christmas.

A spokesperson for the company told Sky News: “TGI Fridays UK is still assessing all options for the future of the business. No decisions have been made yet and locations continue to operate as usual.”

TGI Fridays was put up for sale in November, weeks after Sugarloaf TGIF Management acquired the business. 

Under its previous owners, Breal and Calveton, the company’s trading performance was reported to have stabilised.

Breal and Calveton had bought the chain from London-listed Hostmore, which filed for insolvency in 2024. 

TGI Fridays has been contacted for comment.