Private equity firms Calveton and Breal Capital, the owners of high-end restaurants including Quaglino’s and Le Pont de la Tour, have agreed a deal with administrators to rescue 51 of TGI Friday’s 86 UK restaurants, safeguarding around 2,400 jobs.
The acquisition marks a significant shift in focus for Calveton and Breal Capital, with the firms known for their ownership of upscale dining establishments under the D&D London brand which they acquired last year and also includes upmarket venues including German Gymnasium, Alcazar, and Bluebird Chelsea.
The development comes after TGI Fridays’ parent company, Hostmore, appointed advisory firm Teneo as administrators last month, following unsuccessful efforts to revive the chain’s financial standing.
In September, Hostmore announced its intention to secure a buyer by the end of October, though it cautioned that any potential sale would likely fall short of covering its debt obligations, which stand at £35m. Despite the financial strain, TGI Fridays’ restaurants have continued operating normally while administrators expedite efforts to close a deal.
Founded in 1965 in New York, TGI Fridays expanded to the UK in 1994 and was subsequently acquired by private equity firm Electra Partners in 2014. In 2021, Electra spun off Hostmore, and listed it on the London Stock Exchange.
