Struggling burger chain saved by pre-pack deal with 450 jobs cut and 16 restaurants closed after administrators called in
After weeks of speculation, TGI Friday’s has entered another prepack deal after going into administration as owners, Liberty Bar and Restaurant Group, failed to turn around the business.
Ryan Grant and Will Wright were appointed joint administrators to Liberty Bar and Restaurant Group on 13 January 2026. They have now sold the business and assets of TGI Friday’s UK to Sugarloaf TGIF Operations Limited, which was set up in December, in a pre-pack transaction which saves 33 restaurants and 1,384 jobs.
This is the second time TGI Friday’s has collapsed in as many years, with the last administration in November 2024 seeing Liberty Bar buy the UK arm of TGI Friday’s from private equity firm Breal Capital and Calveton. They closed 35 restaurants and cut 1,000 jobs on that occasion.
In the latest rescue, Sugarloaf TGIF Operations Limited, utimately owned by Sugarloaf Holdings LLC, which manages the TGI Friday brand worldwide, has taken over in a prepack deal, buying 33 restaurants and saving 1,384 jobs.
The deal saw 16 restaurants immediately closed including Stratford, East London, Edinburgh and Reading with 456 job losses.
After weeks of trying to save the business, the final outcome will keep the business in the UK.
Ryan Grant, joint administrator and managing director at Interpath said: ‘We are pleased to have been able to secure this transaction which will see this well-known brand continue to trade across the UK.
‘While these have been difficult times for hospitality operators generally, this marks a pivotal step in TGI Friday’s wider turnaround plan, putting in place stable foundations upon which it can begin to move forward.’
TGI Fridays was founded by Alan Stillman in New York in 1965, the chain first arrived in the UK in 1986 with the opening of its first restaurant on Birmingham’s Hagley Road.
Phil Broad, global president, TGI Fridays said: ‘We have been working closely to explore all available options for securing the long-term future of TGI Fridays in the UK, and believe that this is the best outcome for the business, preserves jobs, and offers a strong platform for success and growth.’
TGI Fridays administration forces closure of restaurants | 8 Oct 2024