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D&D London, the owners of restaurant group D&D London have bought the UK operator of TGI Fridays, to rescue the brand after its previous owner fell into administration last month. The deal will save nearly 2,400 jobs at 51 restaurants, but the administrators, Teneo, said 35 branches have been closed with immediate effect. The buying group, Breal Capital and Calveton UK, also own other restaurants firms, including Byron Burgers and Vinoteca. The rescue comes too late for more than 1,000 UK staff who have lost their jobs.
A spokesperson for the new owners said it wanted to “both modernise the business and capitalise on the heritage of this iconic brand”. They added that the deal “preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow”. Meanwhile, TGI Fridays UK said it was in talks with landlords to try and save the closed restaurants, suggesting some could survive with rent reductions.
Analysts have suggested that the collapse of TGI Fridays’ business in the UK is due to its failure to adapt its American-inspired, meat-heavy menu options to changing consumer tastes for healthier options. TGI Fridays opened its first restaurant in New York in 1965, and its first UK restaurant in London’s Covent Garden some 20 years later. TGI Fridays’ CEO, Julie McEwan said of the closures “we are doing everything possible to retain our team and support those impacted. We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us.”
The following outlets will remain open under the new ownership: Bluewater, Trafford Centre, Meadowhall, Aberdeen Union Square, Metrocentre, Basildon, Glasgow Fort, Milton Keynes Stadium, Braehead, Wembley, Birmingham NEC, Glasgow, Junction 27, Castleford, Lakeside Quay, Teesside, Bolton, Norwich, St Davids, Doncaster, Lakeside, Fareham, Liverpool One, Stevenage, White Rose, Cribbs Causeway, Rushden Lakes, Stoke-on-Trent, Southampton, Silverburn, Watford Central, Aberdeen Beach, Braintree, Bournemouth, Stratford, High Wycombe, Cheshire Oaks, Walsall, Milton Keynes, Sheffield, Nottingham, Edinburgh, Coventry, Ashton-Under-Lyne, Telford, The O2, Staines, Crawley, Reading, Cheadle and Leicester Square
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