American-style diner franchise, TGI Fridays, has been sent into administration despite a rescue deal, with 35 UK restaurants closing with immediate effect — including its Cheltenham and Gloucester Quays branches.
51 restaurants have been acquired by administrators, meaning almost 2,400 jobs are saved, but two Gloucestershire branches are set to close, resulting in hundreds of redundancies.
The administration period comes after plans to sell the hospitality chain for £177 million and merge with the US-based TGI Fridays INC. fell through in September 2024, after a management change meant it couldn't collect royalties from the brand.
CEO of TGI Fridays, Julie McEwan, said: 'We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us.
'We are doing everything possible to retain our team and support those impacted.'
The closure follows the news that Dobbies garden centre is closing a number of Gloucestershire sites due to select stores becoming unprofitable.
