TGI FridaysTM, the original American cocktail bar and restaurant, has been acquired by Breal Capital and Calveton UK following completion of a successful sale process through its acquisition vehicle Liberty Bar and Restaurant Group Limited.
The deal announced today will see TGI Fridays continue to operate across the UK and serve its millions of loyal guests. The sale, which is based on 51 restaurants, should secure the future of more than 2,000 jobs across those restaurants. We are also hopeful that we may be able to secure further locations following discussions with the landlords.
Julie McEwan, Chief Executive of TGI Fridays UK, said:
“TGI Fridays is a much-loved brand with a rich heritage. The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole. We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.
“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.
“We would like to thank our team and our loyal guests for supporting us during this transition. We are proud to serve millions of customers across the UK and are committed to continuing to evolve our proposition and to give our guests a great value for money experience that keeps them coming back to enjoy TGI Fridays time and again.”
Breal and Calveton already have a wealth of experience in the sector including D&D London, Byron Burgers and Vinoteca. A spokesperson for the new owners said: “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.”
The first TGI Fridays opened on the corner of 63rd+1st in New York in 1965 with the promise of ‘In here, it’s always Friday’. The brand is famous for signature dishes including loaded potato skins, which it invented, and its Legendary Glaze.
