Consumer TGI Fridays: news as owner Hostmore puts every UK location up for sale after major deal fails - full list By Alex Nelson Jobs and finance writer Comment Published 17th Sep 2024, 15:20 BST Updated 17th Sep 2024, 15:21 BST Watch more of our videos on ShotsTV.com and on Freeview 262 or Freely 565 Visit Shots! now The chain’s owners are selling all UK locations and looking to move to a fully franchise-operated model 🍽️ The UK owner of TGI Fridays, is selling all 87 locations and transitioning to a fully franchise-operated model Hostmore abandoned a £177 million acquisition plan for a US restaurant chain earlier this month, leading to a 90% drop in its share price It is expected to be wound up and delisted from the London Stock Exchange by the end of the month The sale of TGI Fridays UK outlets might not cover its debts, and it remains unclear if all locations will stay open or be taken over by other chains Despite the upheaval, TGI Fridays’ restaurants continue to operate normally Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks.
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This site is protected by reCAPTCHA and the Google Privacy Notice and Terms of Service apply. Every single one of a major restaurant chain’s UK locations are in the process of being sold to new owners. The UK owner of TGI Fridays, Hostmore, is looking to shift the brand to a fully franchise-operated business, before it is expected to be wound down, potentially leaving its shareholders with nothing.
Advertisement Hide Ad Advertisement Hide Ad Hostmore announced earlier this month that it had abandoned plans to acquire the US restaurant chain for £177 million. The news caused shares in the London-listed company tank by more than 90%. Russ Mould, an investment director at AJ Bell, said it is “effectively game over for Hostmore as a listed business”, adding: “The company’s share price crashed 90% after an expansion plan went up in smoke, implying there is little to no value left in the listed business for shareholders.
” But what exactly does it mean for TGI Fridays’ locations? Will they remain open under new owners, or new names? Or will they close for good? Here is everything you need to know. (Photo: Salwan Georges/The Washington Post via Getty Images) | The Washington Post via Getty Im Which locations are affected? TGI Fridays was founded in 1965 in New York City by Alan Stillman and a group of friends who wanted to create a casual dining experience with a vibrant atmosphere. It made its debut in the UK in 1994.
Advertisement Hide Ad Advertisement Hide Ad The chain aims to bring a distinctive American dining style, characterised by a lively atmosphere, generous portions, and a diverse menu featuring American classics, which appeal to British tastes. All of the brand’s 87 UK outlets are in the process of being sold, affecting the following locations: Aberdeen Beach Aberdeen Union Square Ashton-under-Lyne Barnsley Basildon Birminghm Birmingham NEC Bluewater Bolton Bournemouth Bracknell Braehead Braintree Brighton Marina Cabot Circus Cardiff Newport Road Cardiff St David's Castleford Cheadle Chelmsford Cheltenham Cheshire Oaks Coventry Crawley Cribbs Causeway Croydon Derby Doncaster Durham Edinburgh Enfield Fareham Fort Kinnaird Gateshead Glasgow Buchanan Street Glasgow Fort Gloucester Quays Halifax High Wycombe Jersey Lakeside Quay Lakeside Retail Park Leeds Junction 27 Leeds Wellington Bridge Street Leeds White Rose Leicester Lincoln Liverpool One Liverpool Speke London Leicester Square London Stratford City London the O2 Manchester Royal Exchange Meadowhall Metro Centre Gateshead Milton Keynes Milton Keynes Stadium Newcastle Eldon Square Newport Friars Walk Northampton Norwich Nottingham Prestwich Reading Romford Rushden Lakes Sale Sheffield Silverburn Solihull Southampton Retail Park Staines Stevenage Teesside Telford Trafford Centre Trinity Leeds Walsall Watford Central Watford North Wembley West Quay What’s really changing? Despite the situation, TGI Fridays’ UK restaurants, which have a New York-influenced food and cocktails menu, continue to stay open as normal. The sale process, which is predicted to complete by the end of the month, is expected to result in Hostmore being wound up and delisted from the London Stock Exchange.
Advertisement Hide Ad Advertisement Hide Ad It remains unclear whether all TGI Fridays restaurants can be saved or only a portion, with some possibly being taken over by other chains. Hostmore has also revealed it does not expect to "recover any meaningful value" from the sale, which is likely to fall short of covering its debts to creditors and banks. What do you think about the future of TGI Fridays’ UK locations and Hostmore’s dramatic shift? Share your thoughts and predictions in the comments section.
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