TGI Fridays new owner already explores sale

TGI Fridays’ new owner Sugarloaf, the manager of the worldwide brand, has appointed financial advisory firm Interpath to explore strategic options for the business, according to Sky News reports.

The strategic review includes the option of a sale for the UK business, numbering 49 restaurants. Sugarloaf bought TGI Fridays from Evolv Collection investors Calveton UK and Breal Capital in October, for an undisclosed sum. The investors themselves acquired the business for £9.55m in October 2024.

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

TGI Fridays’ international franchising president Phil Broad said to Sky News: “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.”

TGIs was in the midst of a resurgence in the UK after the closure of 36 underperforming sites preceded its sale last year. It relaunched on 4 July with a refreshed menu and branding.

TGI Fridays chief executive Julie McEwan told The Caterer in July that the business had stabilised since being bought out of administration. 

Speaking after it was repositioned in the summer, she said: “The 4 July is not a relaunch, it’s a bold return. It’s a nod to nostalgia, to honour the roots, and an authentic and fun experience. TGI Fridays was a place for great training and this needs to be rekindled.”

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.

The Caterer has contacted TGI Fridays for comment.

Photo: Billy F Blume Jr/Shutterstock