Former TGI Fridays chief in move to snap up UK chain 

The manager of the bulk of TGI Fridays' restaurants astir the satellite has swooped to bargain its British operations successful a woody which preserves each 2,000 jobs astatine the chain.

Sky News has learnt that Sugarloaf TGIF Management, tally by erstwhile TGI Fridays main enforcement Ray Blanchette, has struck a woody to instrumentality power of astir 50 UK sites.

Industry sources said the woody was apt to beryllium announced wrong days.

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The transaction volition spot TGI Fridays' UK limb signifier portion of a increasing planetary consolidation of the marque nether Mr Blanchette.

The British chain, which employs conscionable implicit 2,000 radical and is said to person a beardown booking pipeline for the important festive trading period, was sold conscionable implicit a twelvemonth agone to Calveton UK and Breal Capital, 2 concern firms.

The concatenation present operates from astir the aforesaid fig of restaurants arsenic it did a twelvemonth ago.

In a effect to an enquiry from Sky News, a spokesperson for the 2 selling shareholders said: "After a prolonged play of owed diligence we are pleased to denote the merchantability of TGI Friday's UK to Sugarloaf, the manager and custodian of the worldwide brand.

"During the 12 months of our tenure we person stabilised the squad and proviso chains, arsenic good arsenic completing the archetypal signifier of repositioning the marque done a nationalist relaunch connected July 4th this year, which has seen improvements successful some revenues and covers."

The merchantability of the UK concern comes during a pugnacious play for the hospitality industry, which is grappling with a stagnating system and the interaction of taxation rises successful past year's budget.

Rachel Reeves, the chancellor, is nether aggravated unit not to rise concern taxes further erstwhile she unveils this year's fund precocious adjacent month.