Liberty Bar and Restaurant Group, which runs TGI Fridays’ UK operations, filed a notice of its intent to appoint administrators on December 19, initiating another wave of uncertainty for both its staff and diners.
This is the company’s second filing this month alone, following a previous notice just two weeks earlier.
TGI Fridays (Image: PA)
This development arrives as the family dining brand, with six sites across Scotland, four of which are in and around Glasgow, seeks to give itself more time to secure a rescue deal and assess potential options to preserve its long-term future.
The popular eatery has sites on Buchanan Street, Glasgow Fort, Silverburn and Braehead.
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 is understood that all the group’s UK restaurants will continue to operate as normal over the Christmas period, despite the process.
The company, which has more than 2000 staff, is working with experts from advisory firm Interpath.
After its previous UK operator fell into administration, its remaining restaurants were acquired by private equity firms Breal Capital and Calveton UK last year.
TGI Fridays first opened in New York in 1965 with a party-led theme.
The chain continues to operate a string of restaurants in the US.
