TGI Fridays owner goes into administration - full list of UK restaurants at risk

The UK owner of TGI Fridays has fallen into administration after seeing share prices plummet to 22p. Hostmore's collapse happened after it was revealed that the company was looking to sell all of the chain's UK restaurants by the end of the month.

Administrators from Teneo have now been appointed after plans to buy the US restaurant chain crumbled earlier this month. This week, the firm, which opened its first UK site in Birmingham's Hagley Road in 1986, put 87 of its franchise restaurants up for sale, prompting fears that the much-loved cocktail bar and restaurant could soon disappear from British high streets for good.

In a statement issued to the London Stock Exchange, Hostmore said that the board's efforts to secure a lasting solution for the business had faced 'a highly challenging trading and macroeconomic backdrop'.

Read more: Huge restaurant chain TGI that opened first branch in Birmingham 'to sell all UK sites'

Read more: I'm not suprised TGI Friday is in trouble, I would never eat there again.

It said: “The board is immensely proud of all Hostmore colleagues, both in store and in the support centre, who worked tirelessly to execute a turnaround programme over the past 18 months and to deliver a successful result on the proposed acquisition of TGI Fridays, Inc.

"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."

It is not clear at this stage whether some or all of the TGI's restaurants are likely to find a buyer. The American-inspired brand will remain open as normal while the administration process starts.

Hostmore saw its share price plummet in the last week after it announced it had dropped plans to buy up outlets from the US owner for £177million. According to reports, the deal broke down because the overall owner of TGI Fridays took back the royalty rights to the restaurant's brand.

As a result, Hostmore no longer has access to the TGI Fridays brand name. Shares in the London-listed company were all but wiped out following the announcement and the share price fell by 96% since the start of this month to 22p earlier this week. See below for a full list of the TGI Fridays restaurants affected and planned to be sold.

Full list of TGI Fridays' UK restaurants

• Aberdeen Beach

• Aberdeen Union Square

• Ashton-under-Lyne

• Barnsley

• Basildon

• Birmingham

• Birmingham NEC

• Bluewater

• Bolton

• Bournemouth

• Bracknell

• Braehead

• Braintree

• Brighton Marina

• Cabot Circus

• Cardiff Newport Road

• Cardiff St David's

• Castleford

• Cheadle

• Chelmsford

• Cheltenham

• Cheshire Oaks

• Coventry

• Crawley

• Cribbs Causeway

• Croydon

• Derby

• Doncaster

• Durham

• Edinburgh

• Enfield

• Fareham

• Fort Kinnaird

• Gateshead

• Glasgow Buchanan Street

• Glasgow Fort

• Gloucester Quays

• Halifax

• High Wycombe

• Jersey

• Lakeside Quay

• Lakeside Retail Park

• Leeds Junction 27

• Leeds Wellington Bridge Street

• Leeds White Rose

• Leicester

• Lincoln

• Liverpool One

• Liverpool Speke

• London Leicester Square

• London Stratford City

• London the O2

• Manchester Royal Exchange

• Meadowhall

• Metro Centre Gateshead

• Milton Keynes

• Milton Keynes Stadium

• Newcastle Eldon Square

• Newport Friars Walk

• Northampton

• Norwich

• Nottingham

• Prestwich

• Reading

• Romford

• Rushden Lakes

• Sale

• Sheffield

• Silverburn

• Solihull

• Southampton Retail Park

• Staines

• Stevenage

• Teesside

• Telford

• Trafford Centre

• Trinity Leeds

• Walsall

• Watford Central

• Watford North

• Wembley

• West Quay

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