After its previous UK operator fell into administration, 51 restaurants were acquired by private equity firms Breal Capital and Calveton UK.
While the deal secured a future for the chain on Britain’s high streets, it led to the closure of 35 restaurants, resulting in about 1,000 staff being made redundant.
Now, it has been reported that the former boss of TGI Fridays has agreed a deal to take control of nearly 50 UK sites.
What Happens When a Company Goes Into Administration?
New deal struck to buy TGI Fridays sites across the UK
According to Sky News, Sugarloaf TGIF Management, run by former TGI Fridays chief executive Ray Blanchette, will take control of nearly 50 TGI Fridays sites in the UK.
It adds that industry sources expect the deal to be announced within the coming days.
Newsquest has approached TGI Fridays for comment.
A spokesperson for the two selling shareholders told Sky News: “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 the 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 4 this year, which has seen improvements in both revenues and covers.”
Full list of TGI Fridays sites that have already closed
TGI Fridays collapsed last year after its previous UK operator fell into administration.
The business later announced that it would be closing locations across the country after accepting a new rescue deal.
Joint administrators at Teneo revealed Breal Capital and Calveton UK had acquired 51 restaurants, but 35 restaurants were closed.
Here are all of the TGI Fridays restaurants that shut:
- Barnsley
- Birmingham
- Bracknell
- Brighton Marina
- Bristol Cabot Circus
- Cardiff Newport Road
- Chelmsford
- Cheltenham
- Croydon
- Derby
- Dundee
- Durham
- Edinburgh Fort Kinnaird
- Enfield
- Gateshead
- Gloucester Quays
- Halifax
- Jersey
- Leeds
- Leeds Trinity
- Leicester
- Lincoln
- Manchester Royal Exchange
- Newcastle Eldon Square
- Newport
- Northampton
- Prestwich
- Romford
- Sale
- Solihull
- Southampton West Quay South
- Speke
- Sutton Coldfield
- Swansea
- Watford North
TGI Fridays first opened in New York in 1965 and continues to operate a string of restaurants in the US.
Recommended reading:
As of July, the chain operates 49 restaurants and has about 2,500 members of staff in the UK.
Restructuring efforts since the takeover have resulted in a leaner and more streamlined business with a significant reduction in overhead costs, TGI said.
It also highlighted an improvement in sales in recent months, since the start of 2025.
