TGI Fridays' UK operator is close to securing a rescue deal which would save over 2,000 jobs, according to a weekend report from Sky.
A deal with private investment firms Calveton and Breal Capital is reportedly expected to be announced early next week.
Between 50 and 55 of TGI Fridays' 87 sites could be kept open, but up to 1,000 jobs are expected to be lost, said Sky.
TGI Fridays’ UK operator Hostmore PLC (LSE:MORE) collapsed into administration in September; its shares were subsequently suspended from the London Stock Exchange.
This followed a failed attempt to acquire the global TGI Fridays brand from the US holding company.
In May, Hostmore announced a cost-cutting strategy to help combat a slump in sales. Sales in 2023 fell 3% year-on-year from £195.7 million to £190.7 million.
Breal and Calveton acquired D&D London, the owner of the German Gymnasium and Qualingo’s restaurants, in 2023.