England, Britain – Sky News UK has learned that TGI Fridays UK has undergone another change of ownership. A company led by the chain’s former CEO is set to take over its British operations.
Sugarloaf TGIF Management, run by Ray Blanchett, the former CEO of TGI Fridays, has secured a deal to acquire nearly 50 of the restaurant’s locations across the UK.
This move is particularly significant as it comes just one year after the last change in ownership of the UK branches. Those branches were sold to the investment firms Calveton UK and Real Capital.
Preserving 2000 jobs
Industry sources have confirmed that the deal guarantees the preservation of all jobs at the British chain, which employs just over 2,000 people. The deal is expected to be officially announced in the coming days.
The acquisition will integrate the UK branch of TGI Fridays into a growing international consolidation of the brand. This effort is being spearheaded by Mr. Blanchett through his company, Sugarlove.
The British chain is reportedly maintaining the same number of restaurants as a year ago and is enjoying a strong booking schedule in anticipation of the busy holiday season.
