Scramble to save TGI Fridays as UK operator Hostmore collapses into administration

TGI Fridays owner Hostmore said it had appointed joint administrators from TeneoThe UK operator of TGI Fridays has gone into administration as it scrambles to sell its 87 restaurants across the country.Hostmore said it had appointed administrators from Teneo. It hopes to sell the UK restaurants to new owners by the end of this month. This would keep the TGI Fridays brand alive on British high streets and save the jobs of about 4,500 staff employed across the UK. But it said this month it was not expecting to ‘recover any meaningful value’ from the sale, meaning it would gain less than what it owed to creditors and banks.It is unclear whether it will secure a buyer for the entire chain, or will manage to sell only some of the outlets.The American-inspired restaurants will be open as usual while the administration process starts.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthSaxoSaxoGet £200 back in trading feesTrading 212Trading 212Free dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you Advertisement Share or comment on this article: Scramble to save TGI Fridays as UK operator Hostmore collapses into administration

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