A popular high street restaurant brand with 49 UK chains is on the brink of administration after its parent company filed a notice to appoint administrators for the second time in weeks.
Liberty Bar and Restaurant Group, the company behind TGI Fridays, filed the notice on December 19.
The move means that debt collection is paused, giving the company time to develop a rescue plan.
Phil Broad, president of TGI Fridays international franchising, said: “The Directors of TGI Fridays UK can confirm that a notice of intent to appoint administrators was filed with the court.
“This step brings the new owners, who assumed control last month, closer to securing and strengthening the long-term future of TGI Fridays in the UK.”
He added that the priority is to keep the company’s 2,000 staff members in their jobs.
