Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

TGI Fridays rescue leads to 1,000 job losses and 35 closures despite private equity buyout

by October 8, 2024
October 8, 2024
TGI Fridays rescue leads to 1,000 job losses and 35 closures despite private equity buyout

Over 1,000 jobs have been lost, and 35 TGI Fridays branches have closed following a private equity-led rescue of the struggling UK restaurant group.

The deal, orchestrated by the backers of D&D London, secures 51 TGI Fridays restaurants out of administration, saving approximately 2,400 jobs. However, the rescue has been overshadowed by controversy surrounding the treatment of staff at the closed branches.

Reports emerged that workers were informed of their redundancies with as little as one hour’s notice via video calls, while others were locked out of their workplaces and notified through WhatsApp messages. Many staff members have been left uncertain about whether they will receive full pay or be reimbursed for accrued holiday pay and tips, according to the trade union Unite, which called the treatment “frankly appalling.”

The UK’s TGI Fridays owner, Hostmore, filed for administration last month after struggling with debts and poor trading. Despite initial hopes that more branches could be saved through negotiations with landlords, administrators at Teneo confirmed that 35 restaurants would close immediately, with 1,012 staff redundancies.

Julie McEwan, chief executive of TGI Fridays UK, expressed her devastation over the closures: “We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us. We are doing everything possible to retain our team and support those impacted.”

The new owners of the remaining TGI Fridays restaurants, private equity firms Breal Group and Calveton, also own D&D London, Byron Burgers, and Vinoteca wine bars. They plan to modernise the brand and build on its heritage, with a spokesman saying, “We are delighted to be working with such an enthusiastic and committed management team to both modernise the business and capitalise on the heritage of this iconic brand.”

TGI Fridays has faced increasing competition in the UK’s casual dining sector, which has been hit hard by economic pressures, shrinking discretionary spending, and rising operational costs. Daniel Smith, senior managing director of Teneo, noted that the deal “preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow.”

While the closures have deeply affected staff, the rescued branches offer hope for the remaining 51 restaurants and the employees who continue to work for the brand. As the hospitality sector continues to face challenges, TGI Fridays must modernise and adapt to survive in a competitive landscape.

Closed restaurants:

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

Surviving restaurants:

Bluewater, Trafford Centre, Meadowhall, Aberdeen Union Square, Metrocentre, Basildon, Glasgow Fort, Milton Keynes Stadium, Braehead, Wembley, Birmingham NEC, Glasgow, Junction 27, Castleford, Lakeside Quay, Teesside, Bolton, Norwich, St Davids, Doncaster, Lakeside, Fareham, Liverpool One, Stevenage, White Rose, Cribbs Causeway, Rushden Lakes, Stoke On Trent, Southampton, Silverburn, Watford Central, Aberdeen Beach, Braintree, Bournemouth, Stratford, High Wycombe, Cheshire Oaks, Walsall, Milton Keynes, Sheffield, Nottingham, Edinburgh, Coventry, Ashton-Under-Lyne, Telford, The 02, Staines, Crawley, Reading, Cheadle, Leicester Square

Read more:
TGI Fridays rescue leads to 1,000 job losses and 35 closures despite private equity buyout

0
FacebookTwitterGoogle +Pinterest
previous post
Rachel Reeves warned against ‘anti-enterprise tax rises’ in upcoming budget
next post
KPMG and NatWest return to CBI, boosting recovery efforts for scandal-hit group

You may also like

Unlocking success with Alan Stephenson-Brown: the driving force...

September 17, 2024

Nestle to close baby formula factory in Ireland...

October 19, 2023

How to Find the Best Free HR Tool...

February 27, 2025

TikTok fined £12.7m for misusing children’s data

April 4, 2023

Getting to Know You: Javon Charleston, Videographer

December 1, 2022

The Top Ten Pet Care Facilities in London:...

September 6, 2022

Hosting environments for complex ecommerce platforms

May 5, 2025

London offices lose fifth of their value in...

September 26, 2023

Alibaba.com backs athlete365 business accelerator to empower olympic...

December 2, 2024

Marcegaglia Stainless Sheffield to invest £50M in new...

September 17, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Slovenia approves law to legalize assisted dying for terminally-ill adults

      July 19, 2025
    • Heritage Foundation founder Edwin J. Feulner dies at 83

      July 19, 2025
    • Rubio announces visa revocations on Brazilian judge for ‘political witch hunt’ against ex-president Bolsonaro

      July 19, 2025
    • Justice Department moves to unseal Epstein, Maxwell grand jury transcripts amid calls for transparency

      July 19, 2025
    • Trump says 10 hostages will be returning from Gaza ‘very shortly’ during White House dinner with allies

      July 19, 2025
    • EPA announces 23% workforce reduction and closure of research office as part of federal streamlining

      July 19, 2025

    Categories

    • Business (8,524)
    • Investing (2,134)
    • Politics (16,120)
    • Stocks (3,220)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved