TGI Fridays plays for time to secure rescue deal

TGI Fridays has bought more time to finalise a possible business rescue plan by filing a third notice of intention to appoint administrators within a month.

The third filing was made yesterday (7 January) via law firm Reed Smith, and is identical to the first notice on 8 December and the second on 19 December.

In all 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 notice gives the casual dining chain 10 further days to find investment or a buyer, or complete a restructuring plan.

A pre-pack administration plan is in the offing, according to Sky News reports, which could see between 15 and 20 of the chain’s 49 restaurants closed, resulting in hundreds of redundancies for the company’s nearly 2,000 staff.

A TGI Fridays spokesperson told The Caterer earlier this week: “TGI Fridays UK is still assessing all options for the future of the business.

“No decisions have been made yet and locations continue to operate as usual.”

Sugarloaf appointed advisory firm Interpath to review options for the business in November 2025.

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 last year 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 this year.

TGI Fridays has been approached for comment.