Teesside's TGI Fridays branch on at risk list as chain's owner goes into administration

The Teesside branch of TGI Fridays is among 87 restaurants at risk after the chain's owner announced it has fallen into administration.

The hospitality group behind the restaurant chain, Hostmore, had been attempting to sell its 87 restaurants but confirmed today that it has now collapsed. Administrators from Teneo have been appointed to oversee the process, reports Chronicle Live.

Hostmore is aiming to complete a sale of its UK restaurants by the end of September, a move that would keep the TGI Fridays brand alive on British high streets. However, it remains uncertain whether a new buyer will be found for some or all of the restaurants.

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TGI Fridays, an American-inspired restaurant chain, first opened in the UK in the 1980s. Its name stands for "Thank God its Friday", and it offers a menu influenced by New York cuisine and cocktails.

TGI Fridays' UK restaurants will continue to operate as usual while the administration process begins. This development follows Hostmore's decision to abandon plans to purchase all the TGI restaurants in the US - its largest market where it has 128 restaurants - for £177 million.

The plan was to merge with US-based TGI Fridays Inc, forming a larger company that would remain listed in London. However, the announcement of the deal falling through led to a more than 90% drop in shares.

The shares are now valued at less than 0.2 pence each and have been suspended from the London Stock Exchange. TGI Fridays operates over 270 restaurants in countries around the globe.

Hostmore released a statement on the London Stock Exchange today, stating: "The Board inherited a very challenging set of circumstances, but a focus on reducing costs, revising the Group's capital allocation policy and implementing both Board and senior management changes, meant that the Group was able to reduce annualised expenditures by £12million, significantly reduce losses from unprofitable stores, and operate the Group's stores at a best in class efficiency level for the sector, all while improving guest scores to our highest levels on record.

"Unfortunately, all of the Board's efforts to implement a lasting solution to support the long-term financial future of the business came against a highly challenging trading and macroeconomic backdrop, and efforts to create value for shareholders through the proposed acquisition of TGI Fridays, while well-advanced, encountered adverse events outside of the Board's control."

Full list of 87 TGI Fridays UK restaurants

1. Fridays Aberdeen beach

2. Fridays and Go Dundee

3. Fridays Barnsley

4. Fridays Basildon

5. Fridays Birmingham

6. Fridays Bluewater

7. Fridays Bolton

8. Fridays Bournemouth

9. Fridays Bracknell

10. Fridays Braintree

11. Fridays Brighton Marina

12. Fridays Cardiff St David's

13. Fridays Castleford

14. Fridays Cheadle

15. Fridays Chelmsford

16. Fridays Cheltenham

17. Fridays Cheshire Oaks

18. Fridays Coventry

19. Fridays Crawley

20. Fridays Croydon

21. Fridays Derby

22. Fridays Doncaster

23. Fridays Durham

24. Fridays Edinburgh

25. Fridays Enfield

26. Fridays Fareham

27. Fridays Glasgow

28. Fridays Glasgow Fort

29. Fridays Gloucester Quays

30. Fridays Halifax

31. Fridays High Wycombe

32. Fridays Jersey

33. Fridays Lakeside quay

34. Fridays Leeds

35. Fridays Leeds trinity

36. Fridays Leicester

37. Fridays Lincoln

38. Fridays Milton Keynes stadium

39. Fridays Newport

40. Fridays Northampton

41. Fridays Norwich

42. Fridays Nottingham

43. Fridays Prestwich

44. Fridays Reading

45. Fridays Reading Oracle

46. Fridays Romford

47. Fridays Rushden Lakes

48. Fridays Sale

49. Fridays Sheffield

50. Fridays Solihull

51. Fridays Staines

52. Fridays Stevenage

53. Fridays Sutton Coldfield

54. Fridays Swansea

55. Fridays Telford

56. Fridays Walsall

57. Fridays Watford Central

58. Fridays Cardiff Newport Road

59. Fridays Edinburgh Fort Kinnaird

60. Fridays Sheffield Meadowhall

61. Fridays Speke

62. Fridays Teesside

63. Fridays Watford North

64. Fridays Leeds White Rose

65. Fridays Ashton

66. Fridays Bristol Cabot Circus

67. Fridays Bristol Cribbs Causeway

68. Fridays Southampton West Quay south

69. Fridays Southampton Harbour Parade

70. Fridays Glasgow Braehead

71. Fridays Manchester Trafford Centre

72. Fridays Newcastle Eldon Square

73. Fridays Gateshead Metrocentre

74. Fridays London Leicester Square

75. Fridays London Stratford

76. Fridays Manchester Royal Exchange

77. Fridays Birmingham Resort nec

78. Fridays Gateshead

79. Fridays Lakeside

80. Fridays Glasgow Silverburn

81. Fridays Hanley/Stoke on trent

82. Fridays Leeds Birstall jct27

83. Fridays Liverpool One

84. Fridays London o2

85. Fridays London Wembley

86. Fridays Milton Keynes (theatre district)

87. Fridays Aberdeen Union Square

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