A rescue deal for Americana-themed restaurant chain TGI Fridays' UK operator has been confirmed.
As earlier rumoured, private investment firms Calveton and Breal Capital have bought Hostmore PLC (LSE:MORE), the UK operator of TGI Fridays, in a deal that will see 2,400 jobs saved and 51 out of 87 restaurants saved from closure.
Around 1,000 people are expected to lose their jobs.
Hostmore’s chief executive Julie McEwan said she was “devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us".
Breal Capital and Calveton, which own a spate of restaurant chains including Byron Burgers, said they will "both modernise the business and capitalise on the heritage of this iconic brand", per a BBC report.
Hostmore collapsed into administration in September, after which its shares were suspended from the London Stock Exchange.
This followed a failed attempt to acquire the global TGI Fridays brand from the US holding company.