TGI Fridays' UK Operator Goes into Administration, Putting 4,500 Jobs in Jeopardy
The UK operator of TGI Fridays faces administration, risking 4,500 jobs, as 87 restaurants are up for sale. Hostmore, struggling with debt, hopes to finalize the sale by September's end. This move underscores broader difficulties in the UK’s casual dining and retail sectors.
The UK operator of TGI Fridays, Hostmore, has entered administration, putting 4,500 jobs at risk as 87 restaurants are up for sale.
Despite ongoing operations and open stores, Hostmore faces significant debt and losses.
A spokesperson emphasized the hope to complete the sale by the end of September to secure jobs.
However, bids are reportedly lower than the debt, indicating potential financial shortfalls upon sale completion.
The company previously failed to acquire the US operator of TGI Fridays for £177m.
Analyst Catherine Shuttleworth noted the chain's initial success but highlighted struggles with shifting consumer preferences towards healthier and vegan options.
This administration exemplifies broader challenges in UK casual dining and retail, with data showing significant closures in these sectors.
Despite ongoing operations and open stores, Hostmore faces significant debt and losses.
A spokesperson emphasized the hope to complete the sale by the end of September to secure jobs.
However, bids are reportedly lower than the debt, indicating potential financial shortfalls upon sale completion.
The company previously failed to acquire the US operator of TGI Fridays for £177m.
Analyst Catherine Shuttleworth noted the chain's initial success but highlighted struggles with shifting consumer preferences towards healthier and vegan options.
This administration exemplifies broader challenges in UK casual dining and retail, with data showing significant closures in these sectors.
