2,000 TGI Fridays jobs ‘saved’ after rumoured rescue deal

The future of dozens of TGI Fridays branches and thousands of jobs is at knife’s edge as a rescue deal is thought to be finalised.

The American-themed diner collapsed into administration in September, throwing the fate of up to 3,000 hospitality workers into limbo.

TGI Fridays operator Hostmore is trying to sell 87 branches across the UK.

Now it has emerged that Breal Capital and Calveton, the joint owners of the restaurant business D&D London, could be agreeing on a deal to acquire majority of the chain.

An announcement is expected once the deal is completed and details ironed out, thought to be as early as Monday, Sky News reports.

Sources told the broadcaster the deal could include between 50 and 55 restaurants out of the chain’s 87 sites – meaning around 2,000 of the 3,000 staff.

This means around 1,000 jobs are still at risk of being axed.

Hostmore blamed a ‘very challenging set of circumstances’ for the collapse.

It told BBC last month that no decisions had been made ‘to close any existing stores, and TGI Fridays continues to operate normally across the country.’

Joint administrator Teneo said earlier that while it tries to sell the UK restaurants to a new owner, it is not expecting to ‘recover any meaningful value’ from the sales.

Breal Group and TGI Fridays declined to comment at this stage.

The first UK TGI Fridays opened in Covent Garden in 1987 before expanding to 41 sites by 2004.

See the full list of UK TGI Fridays restaurants up for sale here.

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