Hundreds of British hospitality workers face losing their jobs in the coming days as the owner of TGI Fridays finalises plans to buy back a slimmed-down version of one of Britain’s best-known casual dining chains.
Sky News has learnt that Sugarloaf TGIF Management, which only took control of TGI Fridays two months ago, is preparing to implement a pre-pack administration of the business in a deal which is expected to take place next week.
Insiders said a transaction was expected to involve the closure of a significant proportion of the estate’s 49 restaurants.
One suggested that between 15 and 20 of the sites could be permanently axed, although the final number is still being worked on and has yet to be determined.
They…