According to News, TGI Fridays’ British franchise is up for grabs. Breal Capital and Calveton, who bought D&D London, the company behind the German Gymnasium and Quaglino’s restaurants, last year, are in advanced talks to take over.
An analyst calculated that between 50 and 60 TGI Fridays locations were profitable, which they said would allow the new owners to retain about 75 percent of the company’s present 3200 UK employees.
The parent business, Hostmore, announced last week that it was going into administration, but that this would not affect anything.
On Monday, though, it is believed that the operational business itself submitted a notice of intent to appoint administrators.
A statement released by Hostmore to the London Stock Exchange last week stated that despite taking over a very difficult set of circumstances, the board was able to focus on cost-cutting, update the Group’s capital allocation policy, and implement changes at the board and senior management levels. As a result, it was able to significantly reduce losses from unprofitable stores, operate its stores at the highest level of efficiency in the industry, and improve guest scores to our highest levels ever.
