Walsall's TGI Fridays restaurant closes down as part of administration buy-out
Family favourite restaurant chain TGI Fridays has shut 16 sites in a takeover deal - including one in Walsall.
The TGI Fridays restaurant off Wolverhampton Street, Walsall, is one of 16 sites to have closed after the chain fell into administration this week.
Administrators were hired by Liberty Bar and Restaurant Group, the company running TGI Fridays’ UK restaurants, on Tuesday (January 13).
The business and its assets were immediately sold to a subsidiary company of Sugarloaf, the firm behind the global TGI Friday brand.
Administrators confirmed a rescue deal would safeguard 33 restaurants and 1,384 jobs - but 16 sites were not included.
These sites - which include Walsall and Telford - immediately shut for good. The company confirmed the move resulted in 456 redundancies for staff across the restaurants.
Ryan Grant, managing director at Interpath and joint administrator, said: “We are pleased to have been able to secure this transaction which will see this well-known brand continue to trade across the UK.
“While these have been difficult times for hospitality operators generally, this marks a pivotal step in TGI Fridays’ wider turnaround plan, putting in place stable foundations upon which it can begin to move forward.”
