hollydolly
SF VIP
- Location
- London England
TGI Fridays is set to sell its chain of 87 restaurants across the UK after the owners of the company announced it has gone into administration.
Hostmore, which owns TGI in this country, is in the process of trying to sell the UK restaurants to new owners, which it hopes to complete by the end of September.
It is a move which will keep the TGI Fridays brand alive on British high streets, however it is not clear at this stage whether some or all of the restaurants are likely to find a buyer.
It has been confirmed though that the American-inspired restaurant chain will continue to stay open as normal while the administration process starts.
Earlier this month, the hospitality firm said it was not expecting to 'recover any meaningful value' from the sale of sites.
This means it would earn less from the sale than it owes to creditors and banks, putting numerous restaurants at risk of closing.
TGI Fridays crashes into administration with 87 restaurants at risk
Hostmore, which owns TGI in this country, is in the process of trying to sell the UK restaurants to new owners, which it hopes to complete by the end of September.
It is a move which will keep the TGI Fridays brand alive on British high streets, however it is not clear at this stage whether some or all of the restaurants are likely to find a buyer.
It has been confirmed though that the American-inspired restaurant chain will continue to stay open as normal while the administration process starts.
Earlier this month, the hospitality firm said it was not expecting to 'recover any meaningful value' from the sale of sites.
This means it would earn less from the sale than it owes to creditors and banks, putting numerous restaurants at risk of closing.
TGI Fridays crashes into administration with 87 restaurants at risk