TGI Fridays business update: 16 UK restaurants close and 456 jobs lost

TGI Fridays has closed 16 UK restaurants, resulting in 456 job losses, while Sugarloaf Holdings has bought the UK business and will operate 33 outlets, administrators said.

TGI Fridays has closed 16 restaurants in the UK, with 456 roles reported as lost. The remaining UK business has been bought in a pre-pack administration by Sugarloaf Holdings, a group led by Ray Blanchette, and will operate 33 outlets. Joint administrators and company leaders described the deal as a rescue amid ongoing pressures in the hospitality sector. Key facts: - Sixteen UK restaurants closed, with 456 jobs lost, as announced by the joint administrators. - Sugarloaf Holdings, led by Ray Blanchette, bought the UK business in a pre-pack administration and will run 33 outlets. - The joint administrators said the rescue deal safeguards 1,384 jobs. - This insolvency follows a prior rescue less than 18 months ago; further legal or operational steps were not stated. Summary: TGI Fridays' UK arm has been partly downsized while a buyer connected to the brand's US owner has taken control of the remaining outlets. Administrators said the agreement preserves a large number of roles and leaves 33 sites operating. Undetermined at this time.