TGI Fridays buys more time for rescue package with new administration filing

TGI Fridays’ latest parent company has filed a second notice of intention to appoint administrators within two weeks.

The filing, made on 19 December via law firm Reed Smith, follows an identical notice on 8 December.

In both instances the administration filing was made by Liberty Bar and Restaurant Group, the vehicle used by Sugarloaf, the manager of the worldwide TGI Fridays brand. It acquired TGI Fridays from investors Calveton UK and Breal Capital for an undisclosed sum in October, only a year after the brand was previously bought out of administration for £9.55m.

The move sees the chain seeking a further 10 days to secure investment for or a sale of its 49 UK locations, employing around 2,000 staff.

Phil Broad, president of TGI Fridays International Franchising, previously insisted that all sites would remain operational over Christmas.

At the time of the 8 December filing he said: “The directors of TGI Fridays UK can confirm that a notice of intent to appoint administrators was filed with the court. This step brings the new owners, who assumed control last month, closer to securing and strengthening the long-term future of TGI Fridays in the UK.

“The priority is to protect TGI Fridays employees and its restaurants, and we want to express gratitude to all stakeholders for their patience during this process.”

Sugarloaf appointed advisory firm Interpath to review options for the business last month.

Sugarloaf is led by Ray Blanchette, who previously ran TGI Fridays for five years until 2023 and took over management of the brand’s remaining US restaurants after it filed for bankruptcy protection in 2024.

TGI Fridays UK had relaunched on 4 July with a refreshed menu and branding.

Previous owners Calveton and Breal said the chain had seen positive like-for-like sales growth in 2025 and that festive bookings were 25% up on 2025.

Analysts recently warned TGI Fridays has an “overwhelming weakness” in its brand and will likely close further restaurants in 2026.

Interpath declined to comment.