Breal Capital and Calveton acquire TGI Fridays

08-Oct-2024 - Last updated on 11-Oct-2024 at 09:55 GMT

Key acquisition: Breal and Calveton procure TGI Fridays (Credit: Getty/Adam Gault)

TGI Fridays UK has been acquired by Breal Capital and Calveton UK following the completion of a successful sale process through acquisition vehicle Liberty Bar and Restaurant Group Limited.

The sale involves 51 out of the chain’s 87 restaurants and will secure the future of more than 2,000 jobs, and will see TGI Fridays continue to operate across the UK.

The group is also hopeful it may be able to secure further locations following discussions with the landlords.

Breal and Calveton have a wealth of experience in the sector, with companies including D&D London, Byron Burgers and Vinoteca.

Challenging times

Breal Group has also made a number of acquisitions in the brewing sector since last year, including Purity Brewing, Brew by Numbers, and Black Sheep Brewery.

TGI Fridays UK’s parent company, Hostmore, said last month that it was filing for administration, but that this would have no impact on Thursdays, the trading subsidiary which owns the TGI Fridays UK franchise.

However, the operating business itself subsequently filed a notice of intention to appoint administrators.

Hostmore’s board blamed “a very challenging set of circumstances” for its collapse.

Julie McEwan, chief executive of TGI Fridays UK, said: “TGI Fridays is a much-loved brand with a rich heritage. The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole. We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests.

“We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us. We are doing everything possible to retain our team and support those impacted.

Key acquisition

“We would like to thank our team and our loyal guests for supporting us during this transition. We are proud to serve millions of customers across the UK and are committed to continuing to evolve our proposition and to give our guests a great value for money experience that keeps them coming back to enjoy TGI Fridays time and again.”

A spokesperson for the new owners said: “We are delighted to be working with such an enthusiastic and committed management team to both modernise the business and capitalise on the heritage of this iconic Brand.”

Freeths client partner John Jeffreys, who advised on the deal, added: “With thanks to Brent Osborne, Mick Welden, Toby Osborne and Sam Bevan at Breal and Sandeep Vyas at Calveton for putting their trust in us again to deliver this key acquisition for them.”

The following TGI Fridays restaurants will remain open: