TGI Fridays’ UK business may be up for sale just weeks after its purchase by Sugarloaf TGIF Management, the manager of the global TGI Fridays brand.
Sky News reported financial advisory firm Interpath had been appointed to explore options for the business, which employs 2,000 people across 49 sites. It is yet unclear as to why Sugarloaf is exploring a sale so soon after purchase.
TGI Fridays International Franchising president Phil Broad told the broadcaster: “The directors of TGI Fridays UK can confirm they are working closely with independent advisors to explore all available options for securing the long-term future of TGI Fridays in the UK.
“Since assuming control last month, our priority has been to protect jobs, support our employees, and continue to deliver the welcoming, celebratory experience guests expect from TGI Fridays.
“These discussions are progressing constructively, and we will provide further updates when appropriate.”
TGI Fridays UK had been sold to investment firms Calveton UK and Bread Capital just over a year ago, with the firms credited to a turnaround at the dining chain.
In its latest update in August, TGI Fridays reported a 10% increase in covers and a 17% jump in grill sales one month after its relaunch and menu overhaul, which saw 50% of dishes refreshed and 70% of the grill reworked.
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