TGI Fridays has filed a notice to appoint administrators for the second time in November 2023, raising concerns about the future of its operations in the UK. The family restaurant chain, managed by the Liberty Bar and Restaurant Group, is working to secure a rescue deal that could safeguard the jobs of approximately 2,000 staff across its 49 locations in the region.
The decision to seek administration comes amid ongoing financial difficulties faced by the restaurant sector, which has struggled to recover from the impacts of the COVID-19 pandemic. According to Liberty Bar and Restaurant Group, the company has been actively exploring options to stabilize its operations and prevent further job losses.
The £1.6 million investment from its parent company, which was intended to support the UK operations, has not yielded the desired results. This lack of success has prompted management to consider administration as a potential pathway to restructuring and revitalizing the brand.
In an official statement, a spokesperson for Liberty Bar and Restaurant Group emphasized the importance of finding a viable solution. “We are committed to exploring all avenues to secure a future for TGI Fridays in the UK,” they stated. “Our priority remains the well-being of our employees and the communities we serve.”
The move to appoint administrators is part of a broader trend affecting the hospitality industry in the UK, where many dining establishments have faced mounting pressures from rising costs, changing consumer habits, and intense competition.
As TGI Fridays navigates this challenging landscape, the company is also looking to engage with stakeholders, including suppliers and creditors, to formulate a plan that can sustain its operations. The potential appointment of administrators could bring about significant changes in the management of the brand, but the ultimate goal remains clear: to preserve the jobs of the dedicated workforce that has supported the chain for years.
The outcome of this situation is yet to unfold, but the restaurant group’s proactive measures signal a determination to adapt and overcome the financial hurdles currently facing its UK operations. The forthcoming weeks will be critical as the company seeks to finalize a rescue deal and chart a path forward for TGI Fridays in the competitive dining sector.
