Liberty Bar and Restaurant Group, the operator of TGI Fridays' UK restaurants, has filed its second notice of intent to appoint administrators this month. The December 19 filing puts 49 UK high street restaurants and more than 2,000 jobs at risk just days before Christmas. The company seeks additional time to secure a rescue deal and explore options for its long-term future.
The legal filing halts debt collection and grants Liberty Bar and Restaurant Group another 10 days to find a new buyer or secure investment. The company is working with experts from the advisory firm Interpath on potential solutions.
Despite the administration proceedings, all UK restaurants within the group are expected to maintain normal operations throughout the Christmas period. Staff and diners face uncertainty, though management has insisted the chain will continue serving customers as usual during the festive season.
Previous troubles
This marks the second time Liberty Bar and Restaurant Group has filed an administration notice in December. The first filing occurred two weeks earlier, around early December.
The current UK operations were acquired last year by private equity firms Breal Capital and Calveton UK. That purchase followed the administration of TGI Fridays' previous UK operator.
The family dining brand first opened in New York in 1965 with a party-led theme. TGI Fridays continues to run restaurants in the United States.
Note: This article was created with Artificial Intelligence (AI).
