TGI Fridays seeks more time to secure deal after lining up administrators

The company behind TGI Fridays has filed its third notice to line up administrators as it seeks more time to secure a rescue deal for the restaurant chain.

It is thought that Liberty Bar and Restaurant Group, which runs TGI Fridays’ UK operations, is finalising an insolvency plan which could come as soon as next week.

The firm filed a notice of intent to appoint administrators on Wednesday – the third filing in about a month.

Filing the notice is part of a legal process which will halt debt collection and provide the company with another 10 days to find a new buyer or investment.

It signals that it is vying for more time to secure a rescue deal and assess potential options to preserve its long-term future.

Reports have said that one of the options being explored is a so-called pre-pack administration deal, which is when a buyer is lined up for the company or its assets upon the appointment of an administrator.

This deal could involve the closure of between 15 and 20 restaurants, although the final number has not yet been decided, according to reporting from Sky News.

TGI Fridays currently has 49 casual dining restaurants across the UK, with about 2,000 members of staff.

After its previous UK operator fell into administration, its remaining restaurants were acquired by private equity firms Breal Capital and Calveton UK in 2024.

This led to the closure of 35 sites, resulting in about 1,000 staff bring made redundant.

TGI Fridays first opened in New York in 1965 with a party-led theme and continues to operate a string of restaurants in the US.

It had hailed a “comeback” in July with a new menu and plans to revitalise some of its restaurants.

TGI Fridays has been contacted for comment.